Pursuits
Tiffany Profit Tops Estimates as Jeweler Raises Prices
This article is for subscribers only.
Tiffany & Co. posted third-quarter profit that topped analysts’ estimates and boosted its annual earnings forecast as the rising U.S. stock market gave wealthy consumers the confidence to snap up higher-priced merchandise.
Net income in the quarter ended Oct. 31 rose 50 percent to $94.6 million, or 73 cents a share, from $63.2 million, or 49 cents, a year earlier, the New York-based company said today in a statement. Analysts projected 58 cents, the average of 21 estimates compiled by Bloomberg. The shares posted their biggest gain in more than two years.