Ah, Tiffany & Co. (TIF) Who doesn't love the sparkling jewelry? After all, a diamond is a girl's best friend. And the companies founder got it right when he introduced the diamond ring as part of the wedding ritual. Add to that all of the nostalgia captured in classic films like Breakfast and Tiffany's and Sweet Home Alabama.
Tiffany, on August 28th, reported second-quarter earnings for 2019 that beat Wall Street forecasts but were still lower than year-ago numbers as the company struggled with slowing demand, exchange rate pressures and business disruptions resulting from ongoing protests in Hong Kong.
Some of the highlights included:
- Net income of $136.3 million, or $1.12 a share, vs. $144.7 million, or $1.17 a share, in the comparable year-ago period.
- Global net sales of $1 billion, a drop of 3% from a year ago and below the $1.1 billion analysts had been expecting.
- Comparable same-store sales, a key retail metric, dropped 3%.
Watch the video above as TheStreet's
Behind the Label
takes a closer look at the company's history.
- 1837: Tiffany was founded by Charles Lewis Tiffany and John B. Young in Brooklyn as a 'Stationery and fancy goods emporium."
- 1845: The first mail order catalogue known as the 'Blue Book' was published.
- 1853: Charles Tiffany took control of the store and established an emphasis on jewelry.
- 1886. The diamond wedding ring was introduced.
- 1940. Tiffany's flagship store opened, it was the home of many movies including Breakfast at Tiffany's.
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