China sales raise Tiffany’s profit by 16%
Print Edition
Tiffany & Co’s fiscal second-quarter net income climbed a stronger-than-expected 16 percent, driven by strong sales in China. The high-end jewelry company also boosted its full-year earnings forecast.
Tiffany is considered a bellwether for the luxury market.
Its performance is encouraging, given that many retailers have reported disappointing profits and lowered expectations for the rest of the year. Several upscale retailers, including Saks Inc, Ralph Lauren Corp and Coach Inc, reported weak sales during the spring and early summer period.
The company, known for its blue boxes, earned US$106.8 million in net profit, or 83 US cents per share, for the period ended on July 31. A year earlier it made US$91.8 million, or 72 US cents per share.
Revenue rose 4 percent to US$925.9 million. Asia-Pacific sales climbed 20 percent, led by strong results in China. European sales rose 11 percent, buoyed by strength in the UK and most of continental Europe.
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