Tiffany Ups Forecast as Net Rises 27%
NEW YORK (
) --
Tiffany
(TIF)
, the luxury retailer, said third-quarter earnings rose 27% from a year earlier to $55.1 million, or 43 cents a share, and it raised its outlook for the fiscal year.
Sales rose 14% to $681.7 million.
Tiffany said its latest third quarter included relocation expenses of 3 cents a share.
Analysts surveyed by Thomson Reuters expected Tiffany to earn 37 cents a share on revenue of $652.8 million.
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Tiffany said sales in the Americas region, which includes the U.S., Canada and Latin and South America, rose 9% to $331.8 million. Same-store sales rose 5%.
Sales in Japan rose 12%, sales in Asia-Pacific jumped 24%, and European sales rose 22%, Tiffany said.
For the year ending in January 2011, Tiffany estimates sales will rise about 12% with net earnings from continuing operations, excluding nonrecurring items, of $2.72 to $2.77 a share. Tiffany's prior estimate called for fiscal-year earnings of $2.60 to $2.65 a share.
-- Written by Joseph Woelfel
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