Source AP ©

Tiffany's 3Q net income up to 98.9 million dollars

Tiffany & Co. announced that its third-quarter earnings more than tripled, thanks to strong sales growth and a hefty gain on the sale and leaseback of its Tokyo flagship store.

It also raised its earnings guidance for the full year.

Net income climbed to $98.9 million (EUR67.11 million), or 71 cents per share, in the three months ended Oct. 31 from $29.1 million, or 21 cents per share, a year ago.

Excluding a gain of 48 cents per share on the sale-leaseback of the company's Tokyo flagship store, 4 cents of which was contributed to the Tiffany & Co. Foundation, the retailer earned 23 cents per share in the latest period.

Sales increased 18 percent to $627.3 million (EUR425.63 million) from $531.8 million a year earlier, helped by a 9 percent rise in global sales at stores open at least one year.

Analysts surveyed by Thomson Financial expected profit of 25 cents per share on revenue of $616.2 million (EUR418.1 million).

"We are pleased with our overall businesses in the U.S. and internationally, as well as with product performance ranging from robust diamond jewelry sales to a healthy increase in silver jewelry sales," said Michael J. Kowalski, chairman and chief executive. "We are now one month into the all-important November-December holiday season and are pleased with overall sales growth that is meeting our expectations."

Tiffany lifted its outlook for fiscal 2007 to a range of $2.25 (EUR1.53) to $2.30 (EUR1.56) per share, excluding charges and gains, from prior guidance of $2.22 to $2.27 per share.

Wall Street has predicted full-year profit of $2.29 (EUR1.55) per share.

Comments
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Castro sued over alleged torture
Castro sued over alleged torture
Putin dislikes the idea of US army bases coming to Kuril Islands
Castro sued over alleged torture
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Russians lose faith in their future, get ready for worse
Macron challenges Trump. French independence and croissants at stake
Russia unveils nuclear-powered interstellar spaceship
Russia unveils nuclear-powered interstellar spaceship
Moving inexorably towards war
Russians lose faith in their future, get ready for worse
Sanctions do not stop foreign countries from buying Russia's S-400 systems
Sanctions do not stop foreign countries from buying Russia's S-400 systems
Russians lose faith in their future, get ready for worse
Russians lose faith in their future, get ready for worse
Putin dislikes the idea of US army bases coming to Kuril Islands
NATO to build prestrike staging base in Georgia
NATO to build prestrike staging base in Georgia
The difference between Polish and Ukrainian nationalism is plain to see