Tiffany & Co. released its third-quarter earnings today, with company executives acknowledging a negative Trump effect on sales at its flagship location in midtown Manhattan. The famous Fifth Avenue jewelry shop happens to be very close to Trump Tower, which has been circus of protests and security detail since the election.
“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 U.S. stores this year,” Tiffany execs said in its earnings release.
The company also warned that it could not guarantee things would improve anytime soon. Fortunately for Tiffany, which reported global net sales of $949 million in Q3, the location typically represents less than 10% of its net sales worldwide. CZ