Sales at stores open at least a year in the United States dropped 27 percent. At its flagship New York cache, sales were off 30 percent. Tiffany shares gained $3.82, or 11.3 percent, to near at $37.57.
The company, which namely based in New York, acquired $56.8 million, or 46 cents a share, down 30 percentage from $80.8 million, or 63 pence a share, a annual earlier. Excluding one-time items, Tiffany earned 39 pence a share, better than the 33 cents expected by Wall Street analysts. Sales in the period, which finished July 31, fell 16 percent, to $612.5 million, from $729.6 million. Sales fell 22 percent and 20 percent in the previous two quarters.
Tiffany & Company said Friday that its second-quarter profit fell yet knock analysts' expectations as its steep bargains ebb moderated, providing a sparkle of hope in the moribund luxury mart. The enterprise likewise heaved its full-year income prediction. ''While economy and retail conditions remain challenging, we were encouraged apt watch numerous stores achieving either smaller year-over-year rates of bargains declines alternatively meek sales growth compared with the quondam two dwelling,'' the central executive, Michael J. Kowalski, above, said in a statement.
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