Tiffany Posts Profit Ahead of Estimates

NEW YORK (TheStreet) -- Tiffany(TIF Quote), the luxury retailer, reported third-quarter earnings generally flat with a year earlier as it raised its full-year sales and earnings forecasts.

Tiffany said third-quarter earnings were $43.3 million, or 35 cents a share, compared with year-earlier earnings of $43.8 million, or 35 cents. Earnings from continuing operations in the third quarter were 34 cents a share.

Revenue dipped 3% to $598.2 million from $616.15 million.

Analysts surveyed by Thomson Reuters expected Tiffany to earn 24 cents a share in the quarter on revenue of $575 million. Comparable-store sales fell 6%.

Tiffany said it expects a mid-single-digit percentage increase in worldwide sales for the fourth quarter.

"Total sales growth in November-to-date is tracking favorably to management's expectation, but results in December are most relevant to the company's ability to achieve its outlook for the fourth quarter, Tiffany said in a statement Wednesday.

For the full year, Tiffany sees worldwide sales falling about 8% and net income from continuing operations of $1.88 to $1.98 a share, up from previous guidance of $1.65 to $1.75 a share.

Analysts estimate full-year earnings of $1.77.

-- Reported by Joseph Woelfel in New York .

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