Tiffany & Co. Q3 Revenue up 5.3% to $959M, Misses Analysts' Forecasts

(IDEX Online) – Tiffany & Co. posted a rise in revenue in the third quarter that ended on October 31 that came in below analysts' expectation – up 5.3 percent on the year to $959.6 million. Analysts had been looking for revenue of $970 million.

Net profit in the quarter slumped almost 60 percent to $38.3 million from $95 million a year before.

On a bright note, same-store sales, a critical indicator for the retail sector, climbed 4 percent.

Sales in the Americas increased by 10 percent to $459 million in the period, with same-store sales 11 percent higher.

Meanwhile, in the Asia-Pacific region, Tiffany & Co. sales edged up just 2 percent to $243 million and same-store sales declined by 3 percent. In Japan, the situation was even worse, with sales falling 12 percent to $113 million and same-store sales down 6 percent.

That was balanced out to some extent by sales in Europe, where revenue was 9 percent higher at $114 million and same-store sales up 2 percent. 

Tiffany & Co.'s CEO Michael J. Kowalski said the firm was pleased with its overall sales performance "in light of economic and geopolitical challenges around the world".