Tiffany & Co. Posts Better-Than-Expected Earnings And Sales

(IDEX Online) – Tiffany & Co. reported earnings and sales that exceeded expectations, with second quarter net income of $115.0 million compared with $105.7 million for the same period last year.

Revenue was $959.7 million compared with $931.6 million last year and ahead of the $930.0 million consensus estimated.

However, same-store sales fell 2 percent.

Results were partially helped by higher sales of wholesale diamonds and robust demand for its fashion and designer jewelry in Japan. Comparable sales in Japan rose 3 percent. Meanwhile, comparable sales in the Americas, its largest market, fell 1 percent due to lower tourist spending and weak demand across categories other than fashion and designer jewelry.

Tiffany expects fiscal 2017 global sales to rise by a low-single-digit percentage year-over-year and earnings to increase by a high-single-digit percentage over last year's figures.