Tiffany & Co. (NYSE: TIF) reported its financial results for the fiscal third quarter on Tuesday that topped analysts’ estimates for earnings and revenue. The company said that its sales in mainland China were 70% higher on a year over year basis in the recent quarter. According to CEO Alessandro Bogliolo:
“Further to continued management focus and investment in that important market, sales in Mainland China continued to grow dramatically in the third quarter, increasing by over 70%, with comparable sales nearly doubling in that period as compared to the prior year.”
Tiffany’s Q3 financial results versus analysts’ estimates
Tiffany said that its net income in Q3 printed at £89.21 million that translates to 73.47 pence per share. In the same quarter last year, it had posted a lower £58.47 million of net income or 48.73 pence per share. Tiffany accepted new takeover terms from LVMH last month.
On an adjusted basis, the luxury jewellery and speciality retailer earned 83 pence per share in the third quarter. Tiffany valued its sales in Q3 at £760 million. In comparison, FactSet Consensus for earnings and revenue stood at 49.48 pence per share and £729.42 million, respectively.
Other prominent figures in the American retailer’s earnings report on Tuesday include a 92% annualised growth in digital sales that made up 12% of total sales versus the year-ago figure of 6%. In the prior quarter (Q2), Tiffany’s online sales had jumped and unprecedented 123%, as per the report published in late August.
Bogliolo also said on Tuesday:
“Absolutely noteworthy is the performance of T1, our newest gold and gold with diamonds collection, which was received particularly well in all markets and channels.”
