Tiffany & Co. (NYSE:TIF) Q3 2017 Earnings Conference Call Transcript

Nov 29, 2017 • 08:30 am ET


Tiffany & Co. (NYSE:TIF) Q3 2017 Earnings Conference Call Transcript


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Good day, everyone, and welcome to the Tiffany & Co.'s Third Quarter 2017 Conference Call. Today's call is being recorded.

Participating on today's call is Mr. Mark Aaron, VP of IR; Mr. Mark Erceg, Tiffany's EVP and CFO; and Mr. Alessandro Bogliolo, CEO.

At this time, I would like to turn the call over to Mr. Mark Aaron. Please go ahead.

Mark Aaron

Thank you and good day, everyone. On today's call, we are pleased that Tiffany's new CEO, Alessandro Bogliolo will begin by offering a few of his initial observation, which he will do in a moment. I'll then review third quarter sales results, and Mark Erceg will comment on the rest of the financial results and forecast.

(Forward-Looking Cautionary Statements)

And now, I'm pleased to introduce Alessandro Bogliolo.

Alessandro Bogliolo

Thank you. I'm pleased to have this opportunity to briefly introduce myself to you, and I look forward to meeting many of you in the coming months.

Let me begin by saying that I am very excited to be here at Tiffany. I spent many years in the jewelry business at Bulgari, and I have long respected Tiffany as a house of extraordinary design and as a formidable competitor. In my first seven weeks at Tiffany, I have met with many members of our HQM regional teams, and I am impressed with their skills and passion for our unique brand. I have traveled and visited so far about 40 stores in the Americas, Asia-Pacific, and Japan, and I am very glad I also visited three of our manufacturing and logistic sites in the United States; in New York, in Rhode Island, and in New Jersey.

We have powerful internal operations with hundreds of truly exceptional jewelry artists, stone setters, hand engravers. It's thanks to them to their skills, their hands that Tiffany can offer such vast assortment from multi-million dollar one-of-the-kind creations to everyday jewelry with a consistent and supreme quality.

I accepted this position because I strongly believe that the Tiffany & Co. brand is healthy with tremendous opportunities to grow. As we move forward, we will leverage our course plan and adapt as appropriate, while of course we will always remain true to our heritage and brand integrity. We will be accelerating the pace of product innovation. We are focused on the most effective marketing communications. We will continue to enhance the in-store and online experience, and our growth is reinforced by our strong supply chain capabilities and the solid financial position.

I believe our company has the capabilities to further delight our customers, inspire our employees, and reward our shareholders. At the same time, we acknowledge that some of our competitors have recently posted stronger sales growth than us, which I can assure you, will not be acceptable in the long-term.

I am increasingly passionate about Tiffany, and I am honored to be given this great opportunity. As I further study our business, I will be reviewing my thoughts with our Board of Directors, and will then have more to