(27 December 2019)DAILY MARKET BRIEF 1:Holiday Sales Rise at Tiffany Despite Challenges in Hong Kong, Japan

Tiffany & Co. reported challenges during the holiday shopping season in Hong Kong and Japan, but said overall sales for the period increased. The jeweler said global sales rose about 1% to 3% from Nov. 1 through Christmas Eve compared with the same stretch last year. Japan proved to be a challenge for Tiffany during the period, with sales falling 12% to 14% after excluding the effects of currency fluctuations. The company believes that a recent increase in a consumption tax hurt results there, Chief Executive Alessandro Bogliolo said in a statement. Mainland China drove the business during the holiday period, with Tiffany seeing a double-digit sales increase there, offset by declines in Hong Kong, Mr. Bogliolo said. Tensions between pro-democracy protesters and police have risen of late in Hong Kong, after a period of relative calm. On Christmas Eve, police used tear gasand rubber bullets to try to disperse protesters who had gathered near the city’s harbor area. Other protests were held at Hong Kong shopping malls. Overall, sales in Tiffany’s Asia-Pacific region, which includes greater China, rose 7% to 9% after accounting for currency movements. Sales in the Americas were up 2% to 4%.

By Vincent Mivelaz