Tiffany & Co. Post 27% Increase In Profit
Tiffany & Co. Post 27% Increase In
Profit
Tiffany & Co. released its third-quarter results on Wednesday, reporting a rise of 27 percent in profits, and raised its full-year earnings forecast.
Excluding certain items, profits for the world's second-largest luxury jewelry retailer, will climb to $2.77 per share this year, compared to $2.12 per share in 2009, the company said. Analysts had forecast earnings of $2.64 on average. Shares of the company's stock rose to a record-high on the report.
Tiffany introduced its first new handbag collection in 20 years in September in an effort to extend the brand. Additional new products from the company include men's briefcases, purses, wallets, and business card holders. The company had a total of 225 stores at the end of the third quarter, compared to 215 last year, with six new stores opened in the Asia / Pacific region.
Shares of Tiffany rose $2.54, a 4.4 percent rise, to $60.81 as of 10:25 AM ET. The stock had already gained 36 percent on the year before today's reports. The company's net income grew to $55.1 million, or 43 cents per share, for the third-quarter, compared to $43.3 million, or 35 cents per share in the same period in 2009. Excluding costs associated with relocating its headquarters, profit was 46 cents per share, compared to analysts' projections of 36 cents per in a recent Bloomberg survey.
Tiffany & Co. released its third-quarter results on Wednesday, reporting a rise of 27 percent in profits, and raised its full-year earnings forecast.
Excluding certain items, profits for the world's second-largest luxury jewelry retailer, will climb to $2.77 per share this year, compared to $2.12 per share in 2009, the company said. Analysts had forecast earnings of $2.64 on average. Shares of the company's stock rose to a record-high on the report.
Tiffany introduced its first new handbag collection in 20 years in September in an effort to extend the brand. Additional new products from the company include men's briefcases, purses, wallets, and business card holders. The company had a total of 225 stores at the end of the third quarter, compared to 215 last year, with six new stores opened in the Asia / Pacific region.
Shares of Tiffany rose $2.54, a 4.4 percent rise, to $60.81 as of 10:25 AM ET. The stock had already gained 36 percent on the year before today's reports. The company's net income grew to $55.1 million, or 43 cents per share, for the third-quarter, compared to $43.3 million, or 35 cents per share in the same period in 2009. Excluding costs associated with relocating its headquarters, profit was 46 cents per share, compared to analysts' projections of 36 cents per in a recent Bloomberg survey.
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