Retailers, consumers and prices
Check Out Line: Tiffany still sparkles overseas
Check out how Tiffany sparkles overseas.
Forget the United States (where Tiffany does not expect sales to improve until later this year). They are still buying baubles in Europe.
Sales in Europe rose 30 percent in the first quarter. And that was on a CONSTANT CURRENCY basis. No help from the weak dollar in that number. The company added four more stores, which helped, as did the 12 percent increase in same store sales.
Asia also saw a 10 percent increase in sales on a constant currency basis.
The U.S. consumer may be under pressure. But apparently there are still sales and profits to be mined overseas.
Also in the basket:
April personal spending up, flat after inflation
J Crew cuts year earnings outlook, shares drop 15 pct
Coach’s gateway to growth in China (WWD)