|Published : 29 Nov 2016, 21:03:17|
Jeweler Tiffany posts first sales rise in eight quarters
Tiffany & Co (TIF.N) reported its first rise in sales in eight quarters as strong sales in Japan and China more than offset a decline in the United States, its biggest market.
Shares of the company, which makes the iconic "Tiffany Setting" diamond engagement ring, rose 3.7 per cent to $81.00 in light premarket trading on Tuesday.
"Our business in Japan performed well, which we attribute to spending by domestic consumers," Chief Executive Frederic Cumenal said in a statement.
Sales in China rose by "double-digits," Tiffany said.
Sales at established stores fell 2 per cent in the third quarter ended Oct. 31.
Analysts on average had expected a 2.8 per cent drop, according to research firm Consensus Metrix.
Tiffany's net sales rose slightly to $949.3 million from $938.2 million a year earlier. Net income rose 4.5 per cent to $95.1 million or 76 cents per share.