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Tiffany shares sparkle after strong second quarter showing

Published: 07:53 24 Aug 2017 EDT

Tiffany store front
Growth in fashion and designer jewelry sales contrasted with softness in other jewelry categories

Shares in luxury jeweller Tiffany & Co. (NYSE:TIF) got a boost after the firm reported strong second quarter results underscored by a jump in net earnings and revenue.

The jeweller said net earnings in the second quarter ending July 31 was US$115.0mln or US$0.92 per share, up from US$105.7mln or US$0.84 in the corresponding period last year.

Revenue hit US$959.7mln, up from US$931.6mln last year but not all the news was positive, with same-store sales falling by 2%. 

READ: Tiffany & Co loses its lustre after same store sales reverse

Tiffany said growth in fashion and designer jewelry sales contrasted with softness in other jewelry categories

Tiffany expects worldwide sales in fiscal 2017 to rise by a low-single-digit percentage year-on-year and earnings to increase by a high-single-digit percentage over 2016's US$3.55.

In pre-market trading Tiffany shares were up US$2.19 at US$88.72, a 2.5% increase.

 

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