Tiffany shares dropped at the market open on Friday but quickly bounced back
- Luxury retailer Tiffany & Co said Friday it expected earnings growth to resume in the second half of the year, helped by a healthy e-commerce business, a forecast that allowed investors to look past slightly disappointing quarterly sales.
“We have done a lot, a lot of new things, also things where we had made some mistakes, we are learning, and we are addressing it,” Chief Executive Alessandro Bogliolo said on a post-earnings call, adding he would have “started a holiday campaign three weeks earlier.” Bogliolo told Reuters on Friday he expects the company’s percentage of total sales that are online, currently at 7 percent, to grow.
Earlier in the year, the company blamed a stronger dollar for weak tourist spending globally during the crucial November-December period. The company still expects a decline in per-share profit in the first half of the year due to the external factors Tiffany flagged in the quarter. FILE PHOTO: The outside of Tiffany & Co's flagship store on Fifth Avenue is seen in New York City, New York, U.S. November 10, 2017. REUTERS/Shannon Stapleton/File Photo
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