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Tiffany Profit Beats While Tourist Spending Clouds Outlook

  • Shares rise as much as 4.7%; EPS tops estimates by 7 cents
  • CFO says protests in Hong Kong could put pressure on forecast
A Tiffany & Co. Flagship Store Ahead Of Earnings Figures
Photographer: Sarah Blesener/Bloomberg
Updated on

Tiffany & Co.’s quarterly profit smashed Wall Street estimates, but concerns about foreign tourist spending persist and unrest in Hong Kong threaten to crimp the outlook for the year.

Profit of $1.12 a share in the second quarter topped analysts’ average $1.05 estimate, sending the stock up as much as 4.7%. At the same time, same-store sales, a key retail metric, fell 3% globally, excluding currency swings, Tiffany said Wednesday. Analysts had anticipated a 1.5% drop, according to Consensus Metrix.