NEW YORK — Tiffany & Co. lost some of its gleam during the second quarter.
Hurt by sales shortfalls in its New York flagship, as well as difficult conditions worldwide, profits for the three months ended July 31 fell 9.3 percent to $32.7 million, or 22 cents a diluted share, at the low end of its July guidance of 22 to 24 cents. In last year’s quarter, the firm earned $36.1 million, or 24 cents. Sales inched up 0.8 percent to $374.4 million from $371.3 million, but on a constant exchange rate basis, worldwide sales were flat with comparable-store sales down 5 percent.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)