Tiffany Misses Earnings Estimates but Sales in the Americas Shine

Shares of luxury retailer Tiffany climbed in Tuesday trading despite reporting earnings that slightly missed analyst expectations. The jeweler reported earnings of $0.76 a share on revenue of $956.6 million, narrowly missing the Thomson Reuters consensus forecast of earnings of $0.77 a share on revenue of $969 million. The company saw sales strength in the Americas, where total sales rose 10% to $459 million, and in Europe where sales rose 9%. Japan was a soft spot, with sales that fell 12% to $113 million. Management attributed the soft demand to weaker economic conditions. Tiffany chairman and chief executive Michael Kowalski said, 'We were pleased with overall sales performance, especially in light of economic and geopolitical challenges around the world.'