Tiffany & Co has reported an increase in sales in the UK despite a Christmas holiday period many found disappointing.
For the two month period ending 31 December, Tiffany said on a constant exchange rate basis worldwide net sales declined by 3%, while same-store sales declined by 5%. Declines in the Americas and Asia-Pacific offset growth in Japan and Europe.
Sales in the UK rose, but the company said performance was mixed across continental Europe with a notable decline in France, reflecting varying levels of demand among local customers and tourists.
In Europe, on a constant exchange rate basis total sales rose 4%, but same-store sales declined 2%.
Worldwide net sales of $961m (£676), were 6% lower than the prior year, although the company said that there were no noteworthy differences in performance among jewellery categories.
Frederic Cumenal, CEO, said: “In the holiday period, we continued to feel pressure from the strong US dollar on the translation of non-US sales into dollars and on foreign tourist spending in the US, which we expect will continue into 2016.
“We believe overall sales results were negatively affected by restrained consumer spending tied to challenging and uncertain global economic conditions and we expect 2015 earnings to come in at the low end of our previously-set range of expectations.”
Despite this he added that the company was “pleased” with the initial sales of its new fashion and fine jewellery designs and a “solid increase” in worldwide e-commerce sales.