loading

info@meetujewelry.com    +86-18926100382/+86-19924762940

Tiffany's Sales, Profit Beat on Higher Tourist Spending in Europe

(Reuters) - Luxury jeweler Tiffany & Co (TIF.N) reported better-than-expected quarterly sales and profit as it benefited from higher spending by tourists in Europe and growing demand for its Tiffany T line of fashion jewelry. Shares of the company, which reiterated its full-year earnings forecast, rose as much as 12.6 percent to $96.28 on Wednesday. The stock was among the biggest percentage gainers on the New York Stock Exchange. Sales in Europe rose 2 percent in the first quarter ended April 30, Tiffany said, attributing the increase to more tourists shopping at its stores as well as strong local demand. The weaker euro and the pound have made it attractive for foreign tourists to shop in Europe, Mark Aaron, vice president of investor relations said on a conference call. Between a quarter and a third of Tiffany's sales in Europe are made to foreign tourists, Aaron told Reuters. Tiffany has been struggling with a strong dollar, which discourages tourists from spending in its U.S. stores and reduces the value of overseas sales. First-quarter sales were lowered by 6 percent due to currency fluctuations, the company said. "Some of these are big-ticket items, so when you're spending $5,000-$10,000 on an item, (a weaker currency) can make a difference," Edward Jones analyst Brian Yarbrough said, adding that this is helping Tiffany alleviate forex fluctuations. The company's results were also boosted by higher demand for its Tiffany T line of fashion jewelry. Tiffany T, Francesca Amfitheatrof's first collection after taking over as design director last year, features bracelets, necklaces and rings with a 'T' motif priced between $350 and $20,000. Sales in the Americas region rose 1 percent to $444 million due to higher sales to U.S. customers and growth in Canada and Latin America. Tiffany said same-store sales fell 2 percent in Europe and 1 percent in the Americas. Analysts on average had expected declines of 11.6 percent in Europe and 4.9 percent in the Americas, according to Consensus Metrix. Overall comparable sales fell 7 percent, compared with the 9 percent decline analysts had expected. The company's net income fell 16.5 percent to $104.9 million, or 81 cents per share, but came in above the 70 cents analysts expected, according to Thomson Reuters I/B/E/S. Revenue fell 5 percent to $962.4 million, but beat the average analyst estimate of $918.7 million. The company's shares were up 11.9 percent at $95.78 in afternoon trading.

Tiffany's Sales, Profit Beat on Higher Tourist Spending in Europe 1

GET IN TOUCH WITH Us
recommended articles
Blog
Lethemenvy: Get the Best Piece of Jewelry
It is natural that almost all the people really love to dress up with the passage of time.You might be trying your level best to move on with the perfect dress as pe...
Diamonds Are Forever,' and Made by Machine
OXFORDSHIRE, England - In a white industrial building in the rolling hills of the English countryside 16 miles from Oxford, silver machines shaped like spaceships hu...
A Biker's Leather Clothing
Are you a proud owner of a bike? Do you have the appropriate clothing needed to look like a real biker? Have you always dreamed of looking stylish in your own way wh...
Tip and Tricks to Buy Cheap Wholesale Fashion Jewelry
Truly speaking, it's the ultimate desire of the women to buy cheap wholesale fashion jewelry. Realistically, it is available in its natural styles and versatile shap...
Create Your Own Fashion Statement with Unique Tragus Jewelry!
Exclusive ear piercing for your facial beautification. Look and feel better, with the beautiful collection of tragus jewelry. Replace a lost ball or add a new one to...
Hemlines: Le Chteau Celebrates; Blogger and Designer Team Up
Montreal-based fashion brand Le Chteau is celebrating the release of the film After the Ball with a series of music performances at several of its cross-Canada locat...
Choose Causewaymall for the Best in Fashion Jewelry Wholesale
There are various names for fashion jewelry - junk jewelry, fallalery and trinkets. Fashion jewelry gets its name from the fact that it is designed to complement a p...
Get the Best Online Fashion Jewelry at the High End Stores
There are a considerable number of famous jewelry stores, which are operating in the markets now to cater to all the needs for best valued and high standards vintage...
Fashion Jewelry As Stylish Entity
Jewelry is the best partner of women in fashion world since ancient times. If every function of daily life you will see that women are always equipped with the jewel...
Latest Fashion Jewelry
Turquoise is one of the most popular opaque gems in the world of jewelry today. This could be due to its beauty or the curative powers that are considered to be link...
no data

Since 2019, Meet U Jewelry were founded in Guangzhou, China, Jewelry manufacturing base. We are a jewelry enterprise integrating design, production and sale.


  info@meetujewelry.com

  +86-18926100382/+86-19924762940

  Floor 13, West Tower of Gome Smart City, No. 33 Juxin Street, Haizhu District, Guangzhou, China.

Customer service
detect