Tiffany raises forecast as profits surge 27%
New York City -- Tiffany & Co. reported a 27% gain in third-quarter profit, topping analysts’ estimates, as sales rose globally. The jewelry retailer raised its full-year earnings forecast.
Net income rose to $55.1 million, from $43.3 million in the year-ago period, better than analysts had expected.
Revenue climbed 14% to $681.7 million, topping estimates. Revenue in the United States, Canada and Latin America and South America, which accounts for about half of Tiffany's business, rose 9%. Revenue rose 24% in the Asia-Pacific region, 22% in Europe and 12% in Japan.
Same-store sales rose 7% globally, and were up 8% in the Americas.
Tiffany is forecasting a strong holiday.
“We are now a few weeks into the all-important two-month holiday season and sales growth is exceeding our expectations, although the majority of the holiday season is certainly still ahead of us," said chief executive Michael Kowalski.