Shares of Tiffany (TIF) - Get Free Report lost just a bit of their sheen on Thursday after the jeweler reported fiscal-third-quarter earnings that fell short of analysts' expectations, even as it continued to register double-digit growth in the lucrative Chinese market.
For the quarter ended Oct. 31, the New York company posted profit of $78 million, or 65 cents a share, vs. $94.9 million, or 77 cents, in the year-earlier quarter. Analysts polled by FactSet had been expecting 85 cents a share.
Sales rang in at $1.01 billion, a touch below the $1.02 billion it brought in a year ago and roughly in line with analysts' forecasts of $1 billion. Comparable same-store sales were unchanged, the company said.
“Our underlying business remains healthy, with sales attributed to local customers on a global basis growing in the third quarter, led by strong double-digit growth in the Chinese Mainland, offset in part by softness in domestic sales in the Americas," CEO Alessandro Bogliolo said in a statement.
French luxury-goods chain LVMH undefined is currently looking to add Tiffany to its shiny roster of luxury offerings with an offer of $135 cash a share, or $16 billion.
Shares of Tiffany on Thursday were off 0.17% at $133.49 in morning trading on the New York Stock Exchange.