Tiffany attributed its weak revenue in the second quarter to a decrease in sales to international tourists in the US.
rose as much as 5% on Wednesday as the company's second-quarter earnings beat offset declining revenue due to a slowdown in tourist sales.
The luxury jeweler saw its global sales fall by 3% in the second quarter as international tourists decreased spending in the US amid a strong dollar. International shoppers are an important stream of revenue for Tiffany, particularly in the retailer's New York store.Watch Tiffany trade liveShares of Tiffany & Co. climbed as much as 5% on Wednesday as the retailer's better-than-expected earnings outweighed a declined in sales. Revenue fell due to a drop-off in demand for luxury jewelry among international tourists.$1.04 billion, compared to $1.
"Second quarter sales results were also impacted by a continued sharp decline in sales to both Chinese and all other tourists, which we believe lowers our reported sales by a couple of percentage points," Chief Executive Officer Alessandro Bogliolo said during the company's earnings call.
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