It’s slow but we are seeing a subtle change in our economic outlook. Tiffany’s is a possible barometer of economic changing and consumer spending. In short, if people are shopping at Tiffany’s again, then maybe the storm is passing by – though half of their sales are overseas.
“Guarded optimism” indeed:
Tiffany Q2 profit up 19% on overseas sales, raises outlook
New York ( August 27, 2010 ) Tiffany & Co.’s second-quarter net income rose 19% on higher revenue as shoppers bought more of its high-end jewelry around the world, particularly in Asia and Europe.
In the three months ending July 31, the company earned $67.7 million up from $56.8 million a year ago. Revenue rose 9% to $668.8 million, below analyst estimates of $690.2 million. Same-store sales increased 5%.
Roughly half the company’s revenue now comes from outside the United States. Growth in the Asia-Pacific region, excluding Japan, was the company’s strongest in the quarter as those economies continue to prosper.
Tiffany raised its full-year earnings guidance to a range partly above analyst estimates, and CEO Michael Kowalski said the company looked forward to the second half “with a sense of guarded optimism.”
Americas, seven in the Asia-Pacific region and two in Europe. The company operated 223 stores and boutiques at the end of July, up from 211 at the same point last year.
Princess cut Tiffany style solitaire engagement ring with Charles and Colvard created moissanite.