Jewelry retailer Tiffany & Co.'s earnings more than tripled in the third quarter, buoyed by the sale of its Tokyo flagship. The company also raised full-year-guidance.
For the three months ended Oct. 31, earnings climbed to $98.9 million, or 72 cents a diluted share, from $29.1 million, or 23 cents, in the year-ago period. During the quarter the company completed the sale-leaseback of the building that houses its Tokyo flagship for $328 million, which resulted in a gain of 48 cents a diluted share after tax.
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