TIFFANY & Co swam against the tide for luxury firms yesterday as it reported a higher quarterly profit.
Stronger-than-expected sales in Asia mitigated continued softness in the US, and the jeweller again raised its full-year earnings forecast.
Global sales rose seven per cent to $911.5m (£562.3m) in the third quarter ended 31 October, well above the $889.5m that analysts were expecting. Comparable sales, which include those at stores open at least a year and from e-commerce, rose seven per cent.
The increase was most pronounced in Asia, excluding Japan. Comparable sales in the region, where Tiffany now gets almost a quarter of sales and is expanding most aggressively, rose 22 per cent, well above analysts’ expectations.
But in other regions, Tiffany’s business grew more modestly.
In the Americas, comparable sales rose one per cent, roughly in line with estimates.
The jeweller attributed the increase to strong sales at its famed Fifth Avenue flagship in New York, suggesting its other US stores did not fare as well.
City A.M. Reporter