Tiffany’s outlook pinched by Europe, U.S.

Luxury jewelry retailer Tiffany & Co. on Tuesday reported a better-than-expected 63% increase in third-quarter profit, as Asian tourists helped to lead global demand, but shares slumped after the company’s tepid holiday outlook.

While the company’s global sales so far in the November-December holiday season are tracking in line with its expectations, Tiffany saw some “recent sales weaknesses” in Europe and in the eastern part of the U.S., said Chief Executive Michael Kowalski. The holiday quarter accounted for almost half of the company’s adjusted annual profit last year, FactSet data showed. Read related industry story on Black Friday sales hitting record.

“We are, of course, mindful of continued short-term economic challenges and uncertainties in some markets,” he said.

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- Posted: 2011-11-29 14:12:47

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