Tiffany quarterly sales fall 29% on pandemic hit

August 27, 2020

(Reuters) – Tiffany & Co <TIF.N>, which has delayed the close of its $16.2 billion sale to France’s LVMH <LVMH.PA>, reported a 29% drop in quarterly sales on Thursday as the COVID-19 pandemic hammered demand for luxury goods.

The U.S. jeweler, however, said sales trends were improving in August, mainly driven by improved demand in Mainland China and growing online sales.

Worldwide sales fell to $747.1 million in the second quarter ended July 31, from $1.05 billion a year earlier.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)