NEW YORK (AP) - Tiffany’s fiscal second-quarter performance topped Wall’s Street view on strong sales and the luxury jeweler boosted its full-year earnings forecast.
Shares edged up about 1 percent to $131.48 in Tuesday morning trading.
The New York-based company earned $144.7 million, or $1.17 per share, for the three months ended July 31, up 26 percent from last year.
That easily beat the $1 per share analysts polled by Zacks Investment Research expected.
Revenue rose 12 percent to $1.08 billion, which also beat Street forecasts. Analysts predicted $1.04 billion, according to Zacks.
Sales at stores open at least a year, a key indicator of a retailer’s health, increased 8 percent.
Tiffany & Co. now anticipates full-year earnings to be in a range of $4.65 to $4.80 per share. Its prior guidance was for $4.50 to $4.70 per share.
Analysts surveyed by FactSet are calling for earnings of $4.74 per share.
Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TIF at https://www.zacks.com/ap/TIF
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