Tiffany & Co's third-quarter results handily beat Wall Street's sales and profit forecasts, benefiting from strong overseas growth and surging U.S. luxury spending, and the upscale jeweler raised its full- year outlook, saying it expects strong holiday sales.
Tiffany reported on Wednesday income from continuing operations of $55.1-million (U.S.), or 43 cents per share, for the quarter ended Oct. 31, up from $43.3-million, or 34 cents per share, a year earlier.
Excluding one-time charges, Tiffany reported a profit of 46 cents per share, compared with Wall Street's expectations of 37 cents.
Third-quarter sales rose 14 per cent to $681.7-million, easily surpassing the average Wall Street forecast of $652.8-million, according to Thomson Reuters I/B/E/S.
Sales at stores open at least a year, or same-store sales, rose 7 per cent, excluding the effect of currency exchange fluctuations.
Citing its sales growth during the quarter and its expectation that worldwide sales will rise 12 per cent during the holiday quarter, Tiffany raised its full-year profit per share outlook by 12 cents on both ends of its range of $2.72 to $2.77 excluding items. On average, analysts have been expecting $2.64 per share.
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