Jeweler Tiffany posts first sales rise in eight quarters

[November 29, 2016]  (Reuters) - Tiffany & Co 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.

The logo of U.S. jeweller Tiffany & Co. is seen at a store at the Bahnhofstrasse shopping street in Zurich, Switzerland October 26, 2016. REUTERS/Arnd Wiegmann
 

Shares of the company, which makes the iconic "Tiffany Setting" diamond engagement ring, rose 3.7 percent 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 percent in the third quarter ended Oct. 31.

Analysts on average had expected a 2.8 percent 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 percent to $95.1 million or 76 cents per share.

(Reporting by Abhijith Ganapavaram and Gayathree Ganesan in Bengaluru; Editing by Martina D'Couto)

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