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Shares of the company, which reiterated its full-year earnings
forecast, rose 7.5 percent to $91.95 in premarket trading on
Wednesday.
The company said total sales fell 5 percent in the first quarter
ended April 30. The company said in March that it expected
first-quarter sales to drop 10 percent.
Tiffany's sales in the Americas region rose 1 percent to $444
million. In Europe sales rose 2 percent.
Tiffany's sales have been hurt by a strong dollar as it
discourages tourists from spending in its U.S. stores and
reduces the value of overseas sales.
The company also reported a lower-than-expected decline in
comparable sales in the quarter.
Overall comparable sales fell 7 percent, compared with the 9
percent decline analysts polled by research firm Consensus
Metrix had expected.
Comparable sales in the Americas region fell 1 percent, while
they fell 2 percent in Europe.
Analysts had expected comparable sales to decline 4.9 percent in
the Americas and 11.6 percent in Europe.
The company's net income fell to $104.9 million, or 81 cents per
share, in the first quarter from $125.6 million, or 97 cents per
share, a year earlier.
Revenue fell 5 percent to $962.4 million.
Analysts on average expected a profit of 70 cents per share on
revenue of $918.7 million, according to Thomson Reuters I/B/E/S.
(Reporting by Yashaswini Swamynathan and Ramkumar Iyer in
Bengaluru; Editing by Ted Kerr)
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