On Wednesday, Tiffany & Co. (NYSE: TIF) announced its financial results for the third quarter. The results topped analysts’ expectations as China’s demands for luxury goods increases.
For the third quarter, revenue increased 2.8% to $976.2 million, beating analysts’ estimates of $960 million. Comparable store sales declined 1% for the third quarter.
Profit for the third quarter increased 5.3% from $95 million, or $0.76 per diluted share, for the same period last year, to $100.2 million, or $0.80 per diluted share. The result surpassed expectation of $0.76 per share.
“Tiffany is such an inspiring brand with an incredibly rich legacy, traditions of excellence in craftsmanship and design, and leadership in sustainability. I am very excited to be leading our team and enthusiastic about the tremendous opportunities we have to further develop our global business,” Alessandro Bogliolo, the Chief Executive Officer of Tiffany, said in the statement on Wednesday.
“These latest financial results marginally exceeded our expectations, but I believe that Tiffany has the medium to long-term potential to achieve meaningful comparable store sales growth and drive higher operating margins and earnings growth,” Alessandro added.
Shares of the company dropped less than 1%, or $0.78, to $93.26 per share.