Tiffany Jumps After Store Sales Drop Less Than Estimated

Tiffany & Co. (TIF), the world’s second- largest luxury jewelry retailer, jumped the most in a year after reporting a drop in worldwide comparable-store sales that was smaller than some analysts projected.

Tiffany advanced (TIF) 7.2 percent to $62.71 at the close in New York, for the biggest gain since Aug. 26, 2011. The shares (TIF) have declined 5.4 percent this year.

Sales at stores open at least a year dropped 1 percent, excluding the effect of currency exchange-rate fluctuations, the New York-based company said in a statement today. David Schick, an analyst with Stifel Financial Corp., estimated a 3 percent decline. Comparable-store sales in Europe rose 2 percent, while Schick projected a 5 percent drop.

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- Posted: 2012-08-27 21:29:49

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