Tiffany & Co. Reports a 90% Sales Spike in China Following Reopenings
On Tuesday, Tiffany & Co. (NYSE: TIF) announced a sharp global sales decline tied to COVID-19 related closures. But it also announced some potentially good news on the demand front.
Global revenue dove 45% in the fiscal first quarter, which ran from Feb. 1 through April 30 and was heavily impacted by the virus pandemic. Sales first declined as much as 85% in China where social distancing moves originated, before the demand slump spread to key markets like Japan, Europe, and North America. The luxury jewelry giant reported a $90 million operating loss for the period compared to a profit of $152 million a year ago.
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Source Fool.com
