Just a week after French luxury goods conglomerate LVMH reached a deal to acquire Tiffany & Co. for $16.2 billion USD, the jewelry brand’s stock price dropped due to worse-than-expected third-quarter results for 2019.
While analysts expected Tiffany & Co. to earn 85 cents per share in the quarter that ended October 31, its net income actually decreased by 17 percent from 77 cents per share a year earlier to just 65 cents per share now. Though its revenue remained the same at $1.015 billion USD as the previous year, it was still lower than the expected $1.037 billion USD mark. Similarly, analysts expected a 1.4 percent growth in same-store sales, which ended up being completely unchanged compared to the previous year.
Despite the company’s rocky performance, its CEO Alessandro Bogliolo remains confident: “Our underlying business remains healthy with sales attributed to local customers on a global basis growing in the third quarter, led by strong double-digit growth in the Chinese Mainland offset in part by softness in domestic sales in the Americas,” he said in an official statement.
Elsewhere in fashion, Versace has released a Gold Palazzo Crystal Medusa Round Ring.