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Reuters reported that strong diamond demand boosted Tiffany & Co.’s (NYSE:TIF) global sales by 4.4 percent in the most recent quarter, to $925.9 million. That’s lower than the $941.4 million that analysts were expecting, but the company has still opted to raise its profit expectations to a range of $3.50 to $3.60 per share, 7 cents higher than the previous range.
Reuters reported that strong diamond demand boosted Tiffany & Co.’s (NYSE:TIF) global sales by 4.4 percent in the quarter ended July 31, to $925.9 million. That’s lower than the $941.4 million that analysts were expecting, but the company has still opted to raise its profit expectations to a range of $3.50 to $3.60 per share, 7 cents higher than the previous range.
As quoted in the market news:
Sales growth would have been 8 percent if not for the strong U.S. dollar, which reduces the value of goods sold overseas.
Same-store sales climbed 5 percent, in line with estimates. Excluding currency fluctuations, they were up 7 percent in Europe and 8 percent in Japan.
Despite strong demand for high-end jewelry in Japan, overall sales there fell 14 percent because of the weak yen.
Second-quarter net income rose to $106.8 million, or 83 cents per share, from $91.8 million, or 72 cents per share, a year earlier.
Per-share profit beat the average Wall Street estimate by 9 cents, helped by lower pressure from diamond and gold costs.