Stronger-than-expected quarterly results from Tiffany & Co. could be a good sign for the luxury industry in general, Bloomberg reports.
For the quarter that ended Oct. 21, the jewelry company reported earnings of 76 cents per share. Analysts had, on average, predicted only 68 cents per share, the news service notes.
Revenue, at $949.3 million, also beat the expectations of analysts, who had projected $922.6 million. Higher sales in China and Japan accounted for much of the increase.
Net sales in the Americas, meanwhile, fell 2 percent, Bloomberg reports.
Reuters noted that the overall sales increase was the first for Tiffany in two years.
According to Bloomberg, the results “signaled that the worst of the global luxury market’s downturn may be over.”
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But Mark Erceg, the company’s chief financial officer, said the company would “like to see several quarters of sales acceleration before making any conclusion about turning global luxury spending.”
Read more at Bloomberg | Read more at Reuters
Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.
