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Tiffany & Co Tops Estimates for Profit and Revenue

The jewellery retailer raised its full-year profit forecast as sales increase in China and the Americas.
Tiffany & Co storefront | Source: Shutterstock
By
  • Reuters

NEW YORK, United States — Tiffany & Co topped quarterly estimates for profit and revenue and raised its full-year profit forecast on Tuesday as the upscale retailer sold more jewelry in China and the Americas.

Tiffany's shares rose nearly 5 percent in premarket trading after the company said it expected full-year earnings per share to be between $4.65 and $4.80, up from $4.50-$4.70 per share.

Net sales from the Americas, which accounts for nearly half of the company's total sales, rose 8 percent to $475 million, helped by higher spending by local customers.

Growth in Greater China led to a 28 percent rise in sales in the Asia Pacific region.

On a constant currency basis, same-store sales rose 7 percent. Analysts on average had expected an increase of 5.73 percent, according to Thomson Reuters I/B/E/S.

The company's net earnings rose to $144.7 million, or $1.17 per share, in the second quarter ended July 31, from $115 million, or 92 cents per share, a year earlier.

Net sales rose to $1.08 billion from $959.7 million, topping the average analyst estimate of $1.04 billion.

Excluding one-time items, the company earned $1.17 per share, while Wall Street had expected $1.01 per share.

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Vibhuti Sharma; editor: Arun Koyyur. 

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