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.
