U.S. based jeweller Tiffany & Co reported better than expected quarterly profit and sales, helped by strong demand for its Tiffany T line and higher sales in the Americas and Europe.
The company said total sales fell 5% in the first quarter ended April 30. The company had said in March that it expected first-quarter sales to drop 10%. Tiffany’s sales in the Americas region rose 1% to $444m. In Europe sales rose 2%.
Tiffany’s sales have been hurt by a strong dollar as it discourages tourists from spending in its US stores and reduces the value of overseas sales. The company also reported a lower than expected decline in comparable sales in the quarter.
Overall comparable sales fell 7%, compared with the 9% decline analysts had expected. Comparable sales in the Americas region fell 1%, while they fell 2% in Europe. Analysts had expected comparable sales to decline 4.9% in the Americas and 11.6% in Europe.
The company’s net income fell to $104.9m, or 81 cents per share, in the first quarter from $125.6m, or 97 cents per share, a year earlier. Revenue fell 5% to $962.4m.
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