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July 10, 2020

Tiffany shares bounce back as CEO touts growth opportunities

Tiffany shares bounced back Friday morning after management touted growth opportunities for the retailer, despite it reporting a 1 percent drop in sales worldwide during the holiday quarter, calling out “external challenges and uncertainties.”

Its stock initially fell. But it was last up more than 3 percent following Tiffany’s earnings release, as its CEO soothed investors’ concerns during a conference call with analysts.

Tiffany earlier this year had said sales during the holiday season fell unexpectedly as Chinese tourists spent less, and demand for its diamonds softened in Europe. The retailer has typically been reliant on Chinese shoppers to boost sales. But uncertain and ongoing trade talks between the U.S. and China have been a looming threat for luxury retailers, like Tiffany, which have benefited from the region in the past.

Read more about the Tiffany shares bounce back on the CNBC website, online now HERE

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