by Christopher Freeburn | August 27, 2013 11:41 am
On 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.
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.
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