Tiffany posts holiday sales gain helped by China, online

NEW YORK (AP) - Tiffany & Co. on Tuesday reported a 2% gain in preliminary holiday sales, helped by strong sales in China and online.

The New York-based jewelry company said its net sales for the Asia-Pacific region rose 20% for the Nov. 1 through Dec. 31 compared with the same time in 2019. That included a more than 50% surge in business in China. Sales in the Americas fell 5%, while business in Europe dropped 8%, while rising 8% in Japan.

Online sales surged more than 80% for the period.

Tiffany said that worldwide sales at stores opened at least a year rose 4% during the holiday period. By region, Asia Pacific enjoyed a 27% sales increase, while Japan had a 10% gain. Europe posted a 6% drop, while The Americas had a 4% decline.

In late October, Tiffany agreed to be purchased by French luxury conglomerate LVMH Moët Hennessy Louis Vuitton for $15.8 billion, down from the $16.2 billion that was first offered earlier last year.