Breakthrough at Tiffany’s: Jewellery firm posts sales rise
Increase is first in eight quarters as strong sales in Japan and China offset decline in US
Tiffany’s net sales rose slightly to $949.3 million from $938.2 million a year earlier. Photograph: Mark Kauzlarich/Bloomberg
Tiffany & Co reported its first rise in sales in eight quarters, as strong sales in Japan and China more than offset a decline in the United States – its biggest market.
Shares of the company, which makes the iconic “Tiffany Setting” diamond engagement ring, rose 3.7 per cent to $81.00, in light premarket trading on Tuesday.
“Our business in Japan performed well, which we attribute to spending by domestic consumers,” chief executive Frederic Cumenal said in a statement.
Sales in China rose by “double-digits,” Tiffany said.
Sales at established stores fell 2 per cent in the third quarter, ended October 31st.
Analysts, on average, had expected a 2.8 per cent drop, according to research firm Consensus Metrix.
Tiffany’s net sales rose slightly to $949.3 million from $938.2 million a year earlier.
Net income rose 4.5 percent to $95.1 million or 76 cents per share.