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First Posted: 11/26/2013
(AP) Tiffany & Co.’s third-quarter net income climbed 50 percent, buoyed by strong sales in the Asia-Pacific region.
Its results topped Wall Street’s view, and the luxury retailer raised its full-year adjusted earnings forecast. Its shares climbed 6 percent in premarket trading.
The jewelry chain earned $94.6 million, or 73 cents per share, for the three months ended Oct. 31. That compares with $63.2 million, or 49 cents per share, a year ago.
Revenue rose 7 percent to $911.5 million from $852.7 million, with Asia-Pacific sales up 27 percent.
Analysts polled by FactSet expected earnings of 58 cents per share on revenue of $888.4 million.
Revenue at stores open at least a year, a key indicator of a retailer’s health, increased 7 percent. Analysts projected a 4.5 percent increase.
Associated Press