Tiffany: posts lower quarterly profit on Americas softness

(CercleFinance.com) - Tiffany & Co.
on Thursday reported lower quarterly profit as strong double-digit growth in China - excluding Hong Kong - was more than offset by softness in domestic sales in the Americas.

The upscale jeweler's net income fell to 78 million dollars, or 0.65 dollar per share, in the third quarter to 31 October, from 95 million dollars, or 77 cents per share, a year earlier.

Worldwide net sales for the third quarter were unchanged from the previous year.

At constant exchange-rate, which excludes the effect of translating foreign-currency-denominated sales into US dollars, sales rose by 1%, the company said.

Tiffany's gross margin fell to 61.7% in the third quarter, compared to 62.2% a year ago.

Tiffany's shares have risen by 66% since the beginning of the year, and have increased almost 10% since LVMH made a bid for the company in late October.

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