Tiffany on Tuesday posted third quarter sales and earnings that beat analysts’ estimates amid strong sales in mainland China as well as online. The famed New York high-end jeweler reported net earnings of $119 million, or 98 cents a share, in the third quarter, up from $78.4 million, or 65 cents a share, in the same period a year ago.
On an adjusted basis, Tiffany said it earned $1.11 a share, well ahead of the 66 cents a share expected by analysts polled by FactSet. Sales rang in at $1.01 billion, down just slightly from a year ago but still above forecasts of $972.5 million.
Comparable-store sales in constant currency terms jumped 36% in the Asia Pacific region, offsetting a 14% drop in the Americas as well as a 9% drop in Europe and a 5% decline in Japan, Tiffany said.
Sales in mainland China grew “dramatically” in the third quarter, increasing by more than 70%, with comparable sales nearly doubling in that period as compared to the prior year. E-commerce sales, meanwhile, finished the third quarter up 92% globally.
For the fourth quarter, Tiffany said it is expecting a "mid-single-digit percentage" drop in global sales though a "high single-digit increase" in per-share earnings, which will include costs related to the closing of its merger with French fashion giant LVMH Moet Hennessy-Louis Vuitton (LVMH).