Tiffany sees sales improvement in Q2, gains profit

For the second quarter, Tiffany & Co. returned to profitability and saw sequential improvements in monthly worldwide net sales from May to July. Worldwide net sales declined 29 percent from the prior year to 747 million dollars and comparable sales declined 24 percent from the prior year; on a constant-exchange-rate basis, worldwide net sales declined 28 percent from the prior year and comparable sales declined 23 percent from the prior year. Worldwide net sales in the first half were 37 percent below the first half of the prior year to 1.3 billion dollars. These declines, Tiffany said in a statement, a result of the continuing negative global impact of Covid-19 into the second quarter of 2020, resulted in a net loss for the first half.