Shares of the New York-based jeweler rose 2.5 percent to $92.25
in premarket trading on Friday.
The company has been struggling to lift sales, particularly in
the Americas - its biggest market - as shoppers shift to cheaper
and chic brands, and spend lesser on accessories, leading its
Chief Executive Frederic Cumenal to step down last month.
Tiffany's Americas sales fell 3 percent to $587 million in the
quarter ended Jan. 31.
The jeweler partly blamed weak sales in the holiday period on
traffic disruptions at its flagship store on Fifth Avenue in New
York due to its proximity to Trump Tower, leading to a 7 percent
drop in sales in the quarter.
Sales in Asia-Pacific, which includes China and Korea, rose 9
percent to $284 million, while sales in Japan rose 15 percent to
$185 million.
Net sales rose 1.3 percent to $1.23 billion in the quarter, from
$1.21 billion a year earlier, the second straight rise this
year.
Net income fell to $157.8 million, or $1.26 per share, from
$163.2 million, or $1.28 per share, a year earlier.
Excluding items, the company earned $1.45 per share.
Analysts on average had expected a profit of $1.38 per share and
revenue of $1.22 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Jessica Kuruthukulangara and Sruthi Ramakrishnan
in Bengaluru; Editing by Martina D'Couto)
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