Tiffany & Co. earnings more than tripled in the third quarter, buoyed by the sale of the Tokyo flagship, and the luxury jeweler increased full-year guidance.
For the three months ended Oct. 31, earnings reached $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 housing its Tokyo flagship for $328 million, which resulted in a gain of 48 cents a diluted share after tax.
Sales for the quarter grew 18 percent to $627.3 million from $531.8 million. Total same-store sales jumped 8 percent domestically and 10 percent internationally.
For the nine-month period, earnings jumped 64 percent to $185.5 million, or $1.52 a diluted share, from $113.4 million, or 85 cents, last year. Sales climbed 18 percent to $1.89 billion from $1.60 billion.
“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,” Michael J. Kowalski, chairman and chief executive officer, said in a statement. “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. The vast majority of holiday season business is still ahead of us, so it is premature to extrapolate recent results or draw any conclusions about consumer spending.”
The company raised full-year guidance to a range of $2.25 to $2.30 a diluted share from $2.22 to $2.27.
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