Tiffany's Q2 profit rises, helped by China growth
APNEW YORK--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.
August 28, 2013, 12:01 am TWN
Its shares rose more than 2 percent in premarket trading.
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, or 83 cents per share, for the period ended July 31. A year earlier it earned US$91.8 million, or 72 cents per share.