Tiffany on Poor Sales at Iconic Store: Blame Trump

Cites 'election-related activity' near flagship store
By Arden Dier,  Newser Staff
Posted Nov 30, 2016 9:17 AM CST
Tiffany on Poor Sales at Iconic Store: Blame Trump
Tiffany's Fifth Avenue flagship store.   (AP Photo/Mark Lennihan)

(Newser) – Having the president-elect as a neighbor isn't all sunshine and roses, according to Tiffany, which appears to partly blame Donald Trump for its poor US sales over the last three months. Tiffany actually saw a 1% boost in worldwide sales to $949.3 million in Q3—the company's first positive in two years—thanks to a strong performance in Japan and China, per Reuters. But US sales fell 2% compared to the same period last year. In explaining the figures, Tiffany notes its flagship store happens to sit on the same block as Trump Tower, where protesters gathered both before and after the election, per the Guardian.

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"With respect to the impact of recent election-related activity near the company's New York flagship store, management has noted some adverse effect on traffic in that store and a continuation of sales softness relative to prior year and to the company's other US stores this year," the company says. In other words, protesters scared away customers from what Tiffany calls "simply the most famous store there is." However, Q3 ended on Oct. 31, more than a week before the largest protests outside Trump Tower followed Trump's election win. With that in mind, Tiffany notes such adverse effects could continue in Q4 and beyond. (Read more Tiffany stories.)

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