by Burke Speaker | November 26, 2013 10:36 am
The strong earnings report moved TIF to raise its full-year profit forecast by $0.15 a share to $3.65 to $3.75. And Tiffany continues to predict that net global sales will increase for the fiscal year.
Global sales rose 7 percent to $911.5 million in the third quarter ended Oct. 31. Analysts on average were expecting $889.5 million, according to Thomson Reuters I/B/E/S. Comparable sales rose 7 percent.
Tiffany reported net income of $94.6 million, or 73 cents per share, compared with $63.2 million, or 49 cents per share, a year earlier.
Global sales saw a 7% increase to $911.5 million in the third quarter. Analysts on average were expecting $889.5 million, as noted by Thomson Reuters I/B/E/S.
While its Asian markets were its largest growth (in Europe it saw a 2% increase) at 22%, in the United States the company has struggled to find the perfect mix of expensive jewelry — its brand — and its more-affordable silver items, which generate 25 percent of sales and remains its most profitable category.
Other luxury retailer stock like Michael Kors (KORS) are expected to have the leg up on the competition this holiday season, so investors are keeping a close eye on these stocks.
A stronger economy means stronger growth in these markets, with TIF and KORS looking for tidings of good cheer from the end of this week on.
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