Tiffany’s 2Q Results Beat Street, Raises Full-Year Outlook

NEW YORK (AP) -
tiffany's earnings
(AP Photo/Wilfredo Lee)

Tiffany’s fiscal second-quarter performance topped Wall’s Street view on strong sales and the luxury jeweler boosted its full-year earnings forecast.

The New York-based company earned $144.7 million, or $1.17 per share, for the three months ended July 31, up 26 percent from last year.

That easily beat the $1 per share analysts polled by Zacks Investment Research expected.

Revenue rose 12 percent to $1.08 billion, which also beat Street forecasts. Analysts predicted $1.04 billion, according to Zacks.

Sales at stores open at least a year, a key indicator of a retailer’s health, increased 8 percent.

Tiffany & Co. now anticipates full-year earnings to be in a range of $4.65 to $4.80 per share. Its prior guidance was for $4.50 to $4.70 per share.

Analysts surveyed by FactSet are calling for earnings of $4.74 per share.

In trading Tuesday afternoon, shares were up $1.03, or 0.8 percent, at $130.81.