Tiffany Q3 profit jumps 63%, lowers Q4 outlook
New York City -- Tiffany & Co. reported Tuesday that profit for the quarter ended Oct. 31 surged 63% to $89.7 million, compared with $55.1 million in the year-ago period. Strong global sales propelled the strong performance, but the jeweler cautioned that fourth quarter earnings, which include the key holiday selling season, could fall below expectations.
Revenue rose 21% to $821.8 million from $681.7 million a year ago, handily beating Wall Street’s expected $801.8 million in revenue.
In the Americas, sales grew 17% to $387.7 million. Same-store sales rose 16%. “Increased sales in all regions contributed to the continuation of strong worldwide sales growth in the third quarter,” said Michael J. Kowalski, chairman and CEO. In the Asia-Pacific region, sales increased 44% to $183.2 million in the third quarter. In Japan, sales increased 12% to $146.4 million, and in Europe, sales rose 19% to $92.5 million.
The company said it is on track to add 14 net new company-owned stores in fiscal 2011 including six in the Americas, three in Europe, six in Asia-Pacific and a net reduction of one store in Japan.