Tiffany’s sales, profit top estimates on demand for fashion jewelry

Tiffany's sales, profit top estimates on demand for fashion jewelry

2017-11-29 12:11:10

(Reuters) – Jeweler Tiffany & Co’s (TIF.N) sales and profit beat market estimates, helped by strong demand for its fashion and high-end solitaire jewelry in its first full quarter under new Chief Executive Alessandro Bogliolo.

A Tiffany & Co. store is pictured in Pasadena, California, U.S., November 28, 2017. REUTERS/Mario Anzuoni

The company’s shares rose 2 percent to $96 before the bell on Wednesday.

Tiffany said sales in the Americas, its biggest market, rose 1 percent in the third quarter, while sales from Asia-Pacific jumped 15 percent on strong demand in mainland China.

However, the company reported an unexpected drop in overall comparable store sales.

Tiffany’s comparable store sales declined 1 percent, while analysts on average were expecting an increase of 0.02 percent, according to Thomson Reuters I/B/E/S.

New York-based Tiffany’s net income rose 5.4 percent to $100.2 million, or 80 cents per share, in the quarter ended Oct. 31.

Total revenue rose 3 percent to $976.2 million

Analysts on average had expected a profit of 76 cents per share and revenue of $957 million.

Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D’Souza

Our Standards:The Thomson Reuters Trust Principles.

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