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Tiffany Worldwide Net Sales Increase 1% - 3% In Interim Holiday Period

Tiffany & Co. (TIF) reported that worldwide net sales for the interim period from November 1, 2019 through December 24, 2019 increased about 1% - 3% compared to the same period in 2018.

Alessandro Bogliolo, Chief Executive Officer, said, "... we continued to see the Chinese Mainland drive our overall sales growth with a strong double-digit increase, offset by the persisting declines in the Hong Kong market and, to a lesser degree, Japan - which we believe continues to be negatively impacted by the recent increase in the consumption tax."

Comparable sales for the 2019 interim holiday period increased 2% - 4% in the Americas region. Comparable sales for the period rose 7% - 9% in the Asia-Pacific region. Comparable sales in the Europe region also increased 4% - 6%. But, comparable sales in Japan region declined 11% - 13%.

The company also expects that net earnings for its fiscal quarter ending January 31, 2020 will be negatively impacted by increased expenses related to its entry into an Agreement and Plan of Merger with LVMH Moët Hennessy - Louis Vuitton SE.

The company expects to report its fourth quarter and full-year financial results on March 20, 2020.

The company noted that its iconic flagship store on Fifth Avenue in New York City has remained open throughout the 2019 interim holiday period. The flagship store will close in mid-January 2020, at which time it will begin its complete renovation and temporarily move its operations to the 'Tiffany Flagship Next Door' at 6 East 57th Street.

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