Tiffany & Co. has reported a marginal rise in worldwide net sales for the two month period ended December 31, 2016, adding that sales growth in Asia-Pacific and Japan was largely offset by lower sales in the Americas and Europe. Worldwide net sales during this period of US$ 966 million were slightly above US$ 961 million a year ago, the Company said.

The luxury brand said that worldwide comparable store sales declined 2%, while on a constant-exchange-rate basis, worldwide net sales rose 1% from the prior year and comparable store sales declined 1%. There were no significant variations in performance among jewellery categories, Tiffany reported.

Sales in the Americas were affected by lower consumer spending, though the decline was “exacerbated by a 14% decline at the Company’s Flagship store on Fifth Avenue in New York, which we attribute at least partly to post-election traffic disruptions”, the Company reported. Both total sales of US$ 483 million and comparable store sales were 4% below the prior year. On a constant-exchange-rate basis, total sales declined 4% and comparable store sales declined 3%.

Strong sales were reported at the retail level in China and at the wholesale level in Korea, though most other markets in Asia-Pacific were soft. Total sales across the region increased 7% to US$ 200 million and comparable store sales declined 4%. On a constant-exchange-rate basis, total sales rose 9% and comparable store sales declined 3%.

In Japan, total sales rose 16% to US$ 143 million and comparable store sales rose 21%, due to higher spending by local customers. On a constant-exchange-rate basis, total sales increased 8% and comparable store sales rose 12%. Strong retail sales growth was partly offset by lower wholesale sales.

In Europe, total sales of US$ 119 million were 10% below the prior year and comparable store sales declined 11%. On a constant-exchange-rate basis, total sales were equal to the prior year and comparable store sales were 4% below the prior year. This was on account of weak demand across continental Europe tied to domestic and foreign tourist spending, and modest growth in local-currency sales in the United Kingdom.

Other sales of US$ 20 million rose 33% and comparable store sales declined 7% reflecting increased wholesale sales of diamonds, offset by lower retail sales in the UAE.

Frederic Cumenal, chief executive officer, said, “These overall holiday period sales results were somewhat lower than we had anticipated, but we continue to benefit from a favorable gross margin and prudent expense management.”

He added that the Company does not anticipate any significant improvement in 2017 to the macroeconomic challenges it faced this year and expects worldwide net sales to decline by a low single-digit percentage from the prior year.