Tiffany Presents Its Preliminary Holiday Period Sales Results Worldwide Net Sales for the Holiday Period Reach Record High

Tiffany & Co. (NYSE: TIF; the “Company”) today presented its preliminary sales results for the interim period from November 1, 2020 through December 31, 2020 (the “2020 holiday period”). For the 2020 holiday period, preliminary worldwide (unaudited) net sales increased approximately 2% as compared to the same period in 2019, resulting in record net sales for any holiday period in the Company’s history.

Alessandro Bogliolo, Chief Executive Officer, said, “In the midst of a worldwide pandemic and its dynamic impacts, these all-time high preliminary holiday period sales results, which follow a strong third quarter, reflect the successful convergence of our multi-year sales strategies with respect to the Chinese Mainland (greater than 50% increase from prior year), e-Commerce (greater than 80% increase from prior year), increasing average unit retail prices and accelerating product innovations. During this period, we saw the Chinese Mainland market continue to drive our overall sales growth with certain other Asia Pacific markets also supporting the increase of approximately 20% for that region. We were also happy to see that the positive sales momentum from the third quarter continued through the 2020 holiday period for the Americas and Japan, with Japan increasing approximately 8% from prior year.”

Mr. Bogliolo added, “This year has certainly stress tested the corporate strategies we set in 2017 to strengthen the Brand and win in the highly competitive global luxury jewelry market. I marvel at the dedication, agility and endurance of everyone at Tiffany who helped us to end the year in such a strong position and I want to thank each and every one of them for their exceptional focus, skill and professionalism.”

Roger Farah, Chairman of the Board of Tiffany & Co., speaking on behalf of the entire Board, said, “We are so proud of all the employees at Tiffany whose sound strategic decisions and collective actions allowed the Company to persevere in this challenging and ever-changing year and raise the standard of stewardship for a global luxury jeweler. We congratulate and thank Alessandro, for the remarkable achievement of elevating and modernizing the Brand over the past three years, and the extraordinary management team and all the employees for a job superbly done.”

The Company’s preliminary sales in its principal regions for the 2020 holiday period, as compared on a percentage basis to the same period in the prior year, were as follows:

	Net Sales	Constant-Exchange-Rate Basis (see “Non-GAAP Measures”)
Worldwide	2%	—%
Americas	(5)	(5)
Asia-Pacific	20	14
Japan	8	3
Europe	(8)	(10)

The Company’s preliminary comparable sales in its principal regions for the 2020 holiday period, as compared on a percentage basis to the same period in the prior year, were as follows:

	Comparable Sales	Comparable Sales on a Constant-Exchange-Rate Basis (see “Non-GAAP Measures”)
Worldwide	4%	2%
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