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Tiffany & Co. Q2 Earnings Beat Forecasts

Sales in Asia and Europe grew, while the Americas were weak


New Frugal StocksOn Tuesday, luxury jeweler Tiffany & Co. (TIF) posted higher quarterly profits and increased its earning guidance for the year.

The company reported a second-quarter profit of $106.8 million, up from $91.8 million in the same period last year. EPS came in at 83 cents, easily beating the 74 cents that analysts had been expecting, the Wall Street Journal noted.

‘Pink Panther’ Jewel Thief Finally Caught
‘Pink Panther’ Jewel Thief Finally Caught

Sales rose 4% to $925.9 million during the quarter, but that missed the $941.5 million that Wall Street was looking for. The company saw sales in Asia jump 20% during the quarter. Europe also posted better sales, up 11%, due mostly to strong sales in the U.K.

Same-store sales in the Americas were flat compared to last year.

Tiffany predicts full-year earnings of between $3.50 and $3.60 a share for fiscal 2013. That’s up from an earlier range of between $3.43 and $3.53 a share. Analysts are looking for an annual profit of $3.54 a share.

In July, a former Tiffany vice president was charged with stealing jewelry worth more than $1.3 million from the retailer.

Shares of Tiffany fell slightly in Tuesday morning trading.

Article printed from InvestorPlace Media,

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