Strong overseas sales and cost-cutting kept a decline in Tiffany & Co.'s third-quarter profit to a bare minimum, causing the luxury jeweler to raise its full-year profit outlook heading into the crucial holiday season.
The luxury sector has seen sales drop sharply during the recession, but Tiffany's results signal that the high end is on the mend, said Edward Jones analyst Matt Arnold.
"The main thing that sticks out to me is that trends continue to improve, and this should persist for a while," Arnold said.
Tiffany lifted its full-year forecast on efforts to tighten inventory and cut costs, sending shares up $1.65, or 4 percent, to …
No comments:
Post a Comment