Tiffany misses quarterly same-store sales estimates

Canada

A Tiffany & Co logo is seen outside the store on 5th Ave in New York, New York, U.S., March 19, 2019. REUTERS/Carlo Allegri

(Reuters) – Tiffany & Co (TIF.N), which is being bought by Louis Vuitton owner LVMH (LVMH.PA), fell short of Wall Street estimates for quarterly sales on Thursday as the luxury jeweler was hurt by weak demand from foreign tourists and business disruptions in Hong Kong.

Tiffany’s same-store sales, excluding the effects of currency exchange rates, were up 1% in the third quarter, missing analysts’ average estimate of a 1.44% increase, according to IBES data from Refinitiv.

The company’s net earnings fell to $78.4 million, or 65 cents per share, in the quarter ended Oct. 31, from $94.9 million, or 77 cents per share, a year earlier.

Late last month, French luxury goods maker LVMH agreed to buy Tiffany for $16.2 billion, a deal that could help boost the U.S. jeweler’s business, which has struggled with dated collections and a retreat from Chinese shoppers in America.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel

Products You May Like

Articles You May Like

Prepare to study in Canada
Study permit: Who can apply
Record-Setting Number Of Job Vacancies In Canada Leaves Employers Desperate For Workers
Temporary Foreign Workers Rocketing As Share Of Quebec’s Immigration Mix
British Columbia Issues 125 Canada Immigration Invitations In New Provincial Draw
Canada Express Entry Draw: Ottawa Issues 636 PNP Invitations
Canada Immigration Backlog Increases Amid Record Numbers Of New Permanent Residents

Leave a Reply

Your email address will not be published.