GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Tiffany's 2Q Sales, Earnings +2% But U.S. Weakens

28 august 2012

Tiffany & Co.'s revenue rose 1.6 percent year on year to $886.6 million for the second quarter that ended on July 31, while cost of sales jumped 8.2 percent to $387.4 million. Earnings rose 2 percent year on year to $91.8 million or 72 cents per share, Rapaport reports.
Cash, equivalents and short-term investments plunged nearly 35 percent to $367.4 million, accounts receivable dropped 6 percent to $171.5 million and the retailer deferred income taxes of $105.2 million, up from $68 million one year ago. Tiffany & Co. recorded inventory of $2.23 billion on July 31, an increase of 21.4 percent from July 2011.
Gross margin as a percentage of sales fell to 56.3 percent from  59 percent on year ago, largely the result of higher product acquisition costs. The effective income tax rate was 34.6 percent in the second quarter, versus 31.2 percent one year ago when it had reversed a valuation allowance against certain deferred tax assets. Short-term and long-term debt totaled jumped to $940 million from $694 million in July 2011.
On a constant exchange-rate comparison, worldwide sales rose 3 percent year on year, while sales fell 1 percent across the Americas, revenue increased 3 percent in Asia-Pacific and 10 percent in Japan.
Sales rose 8 percent at constant exchange-rates for Europe.
Same-store sales fell 1 percent worldwide at a constant-exchange rate led by a drop of 5 percent in both the Americas and Asia-Pacific. Same-store sales in Japan leaped 10 percent and rose 2 percent Europe in local currency.
Michael J. Kowalski, Tiffany's chairman, said these results met earlier revised expectations. ''Not surprisingly, sales growth has been affected by economic weakness in a number of markets and by a very challenging prior-year comparison to a 30 percent increase in worldwide net sales. We also anticipated the reduced operating margin in the quarter, adjusted for nonrecurring items, due to continued, but moderating, high product input costs and a lack of sales leverage on fixed costs. The resulting decline in net earnings, when compared with last year's earnings excluding nonrecurring costs, was in line with our expectations and was on top of a 58 percent increase in last year's second quarter.''
Sales declined 9 percent year on year at Tiffany's New York flagship store, while comparable branch store sales declined 4 percent in the U.S. Combined Internet and catalog sales across the Americas rose 3 percent. Other sales increased 12 percent.
Five Tiffany & Co. stores in the United Arab Emirates (UAE) were converted from partner operations to company-operated retail stores, in addition, the retailer opened new stores in Mexico City, Shanghai, Nanjing and Nice.