Tiffany's Net More Than Triples |
| Wall Street Journal - Nov 30, 2007 |
Tiffany & Co.'s fiscal third-quarter net income more than tripled, helped by strong sales and gains tied to a real-estate transaction, as a high-end retailer once again bucked recent economic turmoil. The company also raised earnings estimates for the fiscal year and shares rose in premarket trading.
The New York-based jeweler reported net income of $98.9 million, or 71 cents a share, for the quarter ended Oct. 31, compared with $29.1 million, or 21 cents a share, a year earlier. Results included a 48 cents-a-share gain from the sale and leaseback of the company's Tokyo flagship store. The company contributed four cents a share of the proceeds to its Tiffany & Co. Foundation.
Revenue increased 18% to $627.3 million. The mean estimates of analysts polled by Thomson Financial were for earnings of 25 cents a share on revenue of $616 million.
Read Full Article from Wall Street Journal
- Posted: 2007-11-30 10:39:12
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