China lifts Tiffany’s earnings
US jeweller Tiffany has reported net income of $107 million during its second quarter – up 16 per cent than last year.
“Total sales growth met our objective due to solid performance in most regions, and with particular strength in our statement and fine jewellery product categories,” said CEO Michael Kowalski.
Worldwide sales rose four cent to $926 million, boosted by strong sales growth in Greater China.
Tiffany is among the luxury retailers including Prada and Coach which reported gains in China despite the gift-giving crackdown in the nation.
Total sales in the Asia-Pacific region rose 20 per cent to $208 million, 11 per cent to $111 million in Europe and two per cent to $444 million in the US.
While sales in Japan declined 14 per cent to $136 million due to weaker yen.
The jeweller expects a full-year profit of $3.50 to $3.60 per share, up seven cents from its previous forecast.
Tiffany has 277 stores worldwide, 67 of which are located in Asia Pacific.