Luxury retailer Tiffany & Co reported on Tuesday (November 29) that sales were rising for the first time in eight quarters as more and more people were shopping in stores in Japan and China, but sales in the United States The slowest pace of decline this year. The company’s shares rose 7.3% on Tuesday morning trading.
However, the Tiffany & Co flagship store near Trump Tower, New York, says there is no guarantee that this quarter’s sales will not be affected by protests and security in the region since the election. Tiffany & Co said that although the traffic in the Fifth Avenue shop has slowed, but this accounted for sales of “less than 10%.” As of October 31, the third quarter, the company’s global net sales increased by 1.2%, mainly due to rising demand for fashion jewelry and Japanese stores strong performance.
In addition, the jeweler said the company’s sales in China increased by “double digits” while sales in the US, Canada and Latin America fell at the slowest pace in five quarters.
According to research firm Consensus Metrix, retailers can compare sales to 2%, lower than analysts’ average expected decline of 2.8%. The company’s net income rose 4.5 percent to $ 95.1 million, or $ 0.76 per share, higher than analysts’ earnings per share of $ 0.67. Net sales rose 1.2% to $ 994.3 million, more than the average analyst estimated $ 923.7 million.