Tiffany & Co. reported third-quarter profit and sales that beat Street estimates, as sales strength in its Americas and Asia-Pacific regions helped to offset weakness in Japan.
Net income rose to $100.2 million, or 80 cents a share, for the quarter ended Oct. 31, from $95.1 million, or 76 cents a share, in the year-ago period.
Total net sales grew 3% to $976.2 million, above estimates of $958.3 million. Total same-store sales fell 1%.
“These latest financial results marginally exceeded our expectations, but I believe that Tiffany has the medium to long-term potential to achieve meaningful comparable store sales growth and drive higher operating margins and earnings growth,” said Alessandro Bogliolo, CEO, who joined Tiffany in October. “Looking forward, we will increasingly capitalize on the strength of the Tiffany & Co. brand with stronger organizational focus on innovation in product, digital, communication…