Tiffany & Co, which has delayed the close of its $16.2 billion sale to France’s LVMH, reported a 29% drop in quarterly sales on Thursday as the COVID-19 pandemic hammered demand for luxury goods, Trend reports with reference to Reuters.
The U.S. jeweler, however, said sales trends were improving in August, mainly driven by improved demand in Mainland China and growing online sales.
Worldwide sales fell to $747.1 million in the second quarter ended July 31, from $1.05 billion a year earlier.