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Dewayne aus New York | Geschrieben am: Thu Aug 6 18:41:58 2020 I can't get through at the moment vigora photo Now let's proceed with a review of Tiffany's performance. Looking at the big picture, these second quarter results were better than our expectations. Three months ago, we had forecast second quarter net earnings would be about equal to last year on mid-single digit sales growth and some lingering margin pressure. So what changed? The 4% total sales growth in the second quarter was in line with our expectation, and I should add that the increase was a stronger 8% on a constant-exchange-rate basis, with solid growth in comparable store sales in all regions outside the Americas. On the upside, however, we were pleased to see a greater-than-expected improvement in gross margin, reflecting both diminishing product cost pressures and the price increases we've taken this year. And SG&A expenses were well controlled. So adding it up, the better margin performance helped produce 16% net earnings growth in the quarter, which now leads us to increase our annual earnings guidance. And during the quarter, we launched some exciting product designs, opened 3 new stores and finalized plans for some others, which I'll talk about shortly. |
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