Tiffany raises profit forecast as quarterly sales beat estimates

 

Craig Warga | Bloomberg | Getty Images

Craig Warga | Bloomberg | Getty Images

Tiffany on Tuesday reported a higher quarterly profit, helped by stronger-than-expected sales as business soared inChina, and the U.S. jeweler raised its full-year forecast.

Global sales rose 7 percent to $911.5 million in the third quarter ended Oct. 31. Analysts on average were expecting $889.5 million, according to Thomson Reuters I/B/E/S. Comparable sales rose 7 percent.

Tiffany reported net income of $94.6 million, or 73 cents per share, compared with $63.2 million, or 49 cents per share, a year earlier.

The company raised its full-year profit forecast by 15 cents per share to a range of $3.65 to $3.75.

Tiffany still expects net sales worldwide to increase by a mid-single-digit percentage rate for the fiscal year.

After the earnings announcement, the company’s shares rose 5 percent. (Click here to track the company’s shares.)

By Reuters

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