Tiffany: third-quarter profit in line; keeps 2018 guidance

(CercleFinance.com) - American premier jeweler Tiffany maintained its earnings outlook for the full-year ending 31 January 2019 after third-quarter sales and profit rose in line with expectations.


Tiffany's third-quarter global net sales increased 4% to 1 billion dollars, reflecting growth in all regions, with comparable sales growth of 2%, the group said.

Net income fell by 5% to 95 million dollars, in line with the consensus, due to lower spending by foreign tourists - particularly Chinese.

Tiffany said that higher strategic investment spending also negatively impacted its earnings.

For fiscal 2018, the New York-based company is sticking to its guidance, including worldwide net sales increasing by a high-single-digit percentage relative to the previous year.

Tiffany shares - which have risen by just 0.9% year-to-date - are down over 3% in pre-market trading on Wednesday.

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