Diamond Sale in Whitehall, Zales and Tiffany under Economic Downfall
2001: Diamond Sale in Whitehall, Zales and Tiffany Destroyed Their Economy
Tiffany Beats Expectations for First Quarter
Retail giant Tiffany & Co. announced a 1% gain in first quarter profits worldwide, despite a 2% decrease in same-store sales for the period. The profit increase, to $30.76 million, from $30.42 million during the same period a year ago, though meager, beat Wall Street expectations of a decline for the first quarter. In the U.S., sales fell 6% and same store sales decreased 8%. The Manhattan flagship fared worst for the quarter, with sales dropping 15% in the quarter, compared to the first quarter of 2000.
Whitehall Jewellers Sales Decrease
Whitehall Jewellers announced a 6.4% decrease in sales for the first quarter of 2001. Sales were $68.9 million, compared to $73.6 million during the same period last year. Same store sales, meanwhile, decresed 16.7%. The company, which now operates 361 stores across the country, opened 20 new units during the first quarter.
Zale Profits Continue to Slip
Zale’s profit for their fiscal third quarter fell 66% to $3.5 million. Sales were $411.5 million, up from $361.3 million a year ago, but same-store sales fell 7.3%. The decrease follows a 3% decrease in same-store sales during the 2000 holiday season, with profit falling 15% in that quarter.