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Tiffany & Co. swung to a first-quarter loss as temporary store closings due to the COVID-19 pandemic caused a “significant” sales drop.
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The New York-based jeweler lost $65 million, or 53 cents a share, as worldwide net revenue plunged 45 percent year-over-year to $556 million. Wall Street analysts surveyed by Refinitiv were expecting adjusted earnings of 3 cents a share on revenue of $700.8 million.
“The first quarter was very challenging with sales and earnings significantly impacted by COVID-19,” CEO Alessandro Bogliolo said in a statement. “I am confident Tiffany’s best days remain in front of us because there is evidence that the strategic decisions we took to focus on our mainland China domestic business, global e-commerce, and new product innovation are paying off — even against the backdrop of a global pandemic.”
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