Tiffany & Co earnings grow despite decline in worldwide sales
Jeweller Tiffany & Co said on Thursday that earnings were on the up despite seeing worldwide net sales for the two months ended 30 September had declined year-on-year.
Tiffany said US sales had dropped by a low double-digit percentage in the period, while operating earnings, inclusive of transaction-related expenses, had actually risen approximately 25% year-on-year.
Looking ahead to the fourth quarter, Tiffany currently anticipates recording a mid-single-digit percentage drop in sales and mid-single-digit percentage growth in operating earnings.
The New York-based company also expects sales trends in the US to improve in the final quarter of 2020 as it projected fourth-quarter earnings per share to increase by a mid-to-high single-digit percentage.
Tiffany also stated its cash balance continued to sit above $1.0bn as of 30 September 30 and expects to dip slightly to around $900.0m by the end of the year.
As of 1320 BST, Tiffany & Co shares were up 0.38% in pre-market trading at $119.51 each.