By early afternoon, Tiffany shares had rocketed 8.9% to $88.16, while Signet climbed 1.1% to $77.29. Zale shares added 3.8% to $14.82 and Blue Nile tacked on 4.4% to $48.24.
Before the bell Tuesday, the New York-based retailer reported net income of 73 cents a share, 50% more than a year earlier. Sales of $911.5 million were $22 million higher than what analysts surveyed by Thomson Reuters expected. Comparable-store sales grew 7%, with as much as 29% sales growth in the Asia-Pacific region.
Signet, also reported earnings earlier in the day. It earned 42 cents a share, in line with expectations. Revenue of $771.4 million was 7.7% higher than a year earlier, and $810,000 more than analysts expected. Same-store sales were up 3.2%, while e-commerce sales grew 11.7%.
Shine bright like a diamond, indeed.
- You can view the full analysis from the report here: TIF Ratings Report
- You can view the full analysis from the report here: SIG Ratings Report
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