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.