Neil Saunders China virus covid-19 pandemic economy Neil Saunders China

Gold and diamonds lose luster, but garden supply sales shine

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closure of thousands of retail locations and altered consumer behavior dramatically. The two combined has led to very rough stretch for companies that all that glitters. — The path of the COVID-19 pandemic was traced fairly closely by the closure of Tiffany & Co.

stores across the globe. Revenue in the Asia-Pacific down tumbled 46% during its most recent quarter, then in Europe, by 40%, then in the Americas, by 45%.

The famed jeweler swung to a $105 million operating loss. However in China, where the pandemic began, sales in April rose 30% as cities recovered, and by 90% in May.

The rebound in sales may not be as strong elsewhere, according to Neil Saunders, the managing director of GlobalData Retail, because economic growth has been so.

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