Tiffany & Co. Sales Increase
November 29 2016 - 08:30AM
Dow Jones News
Tiffany & Co. reported a surprise increase in sales in the
latest quarter thanks to growth in some international markets,
aided by currency effects, and the jewelry seller said same-store
sales fell less than feared.
Shares rose 2.1% to $79.75 in premarket trading.
Chief Executive Frederic Cumenal noted some "early signs" of
improving sales trends, though he warned that "we clearly need more
positive data over time before this can be considered an inflection
point."
Same-store sales declined 2%, better than the 2.8% drop
projected by analysts surveyed by Consensus Metrix. The company
posted a modest increase in fashion jewelry sales, though this was
offset by weakness in other categories.
Mr. Cumenal also noted a smaller sales decline in the U.S. from
a year earlier. The results from Tiffany come after Signet Jewelers
Ltd. last week posted better-than-expected profit in its October
quarter, and gave an upbeat forecast for earnings during the
holiday quarter.
In the Americas, Tiffany's sales fell 2%. However, the company's
sales in Japan, which climbed 13%, benefited from the strengthening
yen versus the U.S. dollar. Excluding currency effects, sales in
Japan fell 4% compared with a year ago. Sales in the Asia-Pacific
region rose 4%, or 3% in constant currency.
Overall, Tiffany earned $95.1 million, or 76 cents a share,
compared with $91 million, or 70 cents a share, a year earlier.
Analysts, polled by Thomson Reuters, expected 67 cents a share.
Total sales rose 1.2% to 949.3 million, while analysts expected
sales to drop to $923.7 million.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
November 29, 2016 08:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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