Did you ever think for even a second that Tiffany shoppers were price sensitive? The store said that it earned more money during recent months and upped its forecast for its full fiscal year ending Jan. 31. Even as gold prices soar, people have been buying more jewelry there than some had expected.
The high-end New York-based store, founded more than a hundred years ago, said its net earnings during the quarter ended this Oct. 31 increased 23% to $29.1 million.
Tiffany's earnings per share amounted to 21 cents during the quarter, while the mean analyst estimate had been for 16 cents per share, according to the San Francisco research firm StarMine.
The stock surged 7.2% to $38.51 per share in early trading on the New York Stock Exchange.
Tiffany's net sales climbed 10% to $547.8 million during the quarter compared to last year. During the November-December holiday period, mpany's U.S. sales growth at stores open more than a year is exceeding its high-single-digit expectation. International sales are exceeding the company's mid-single digit expectation.
"It's a good start to the season, but the vast majority of holiday business is still ahead of us," the tiffany said.