Tiffany earnings beat view |
| Washington Post - Mar 24, 2008 |
Tiffany & Co posted higher-than-expected quarterly profit on Monday as increased sales overseas and at new stores helped offset the effects of a weak economy that has put a strain on consumer spending.
Shares of the jewelry company rose more than 11 percent in premarket trade after it also said it expected robust growth in markets other than the United States and Japan.
Tiffany, like mid-tier rivals Zale Corp and Finlay Enterprises Inc, saw sales at established stores drop in the key November-December holiday period as shoppers held on to their spare dollars or spent them on day-to-day items like food and fuel.
Net income fell 16 percent to $118.3 million, or 89 cents a share, in the fourth quarter ended on January 31 from $140.5 million, or $1.02 a share, a year earlier.
Read Full Article from Washington Post
- Posted: 2008-03-24 09:08:54
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