The retailer of jewelry Tiffany & Co surpasses earnings and earnings forecasts for the quarter and increased its annual earnings forecast on Tuesday after registering more jewelery sales in China and North and South America, according to Reuters.
Shares of Tiffany rose by nearly 5% in pre-trade after the company said it expects annual earnings per share to be between 4.65 and 4.80 dollars per share compared to the previous 4.50-4 guidelines , $ 70 per share.
Net sales in North and South America, accounting for nearly half of the company's total revenue, rose 8 percent to $ 475 million, supported by higher spending from local consumers.
Growth in China led to an increase in sales of 28% in the Asia-Pacific region.
At constant exchange rates, comparable sales increased by 7%. Analysts expect average growth of 5.73%, he said Thomson Reuters.
The company's net profit increased to $ 144.7 million, or $ 1.17 per share, from $ 115 million in the second quarter to 31 July, or 92 cents per share a year earlier.
Net sales also increased – from $ 959.7 million to $ 1.08 billion, which exceeded the $ 1.04 billion analyst estimate.
Without the one-off effects, the profit of Tiffany amounts to $ 1.17 per share Wall Street expected $ 1.01 per share.