Tiffany (TIF) Shines In Q3

Tiffany & Co (NYSE: TIF) has boosted its fiscal year earnings forecast after the company reported stronger-than-expected results in the third quarter as consumers get back into the luxury goods market.

The company reported third-quarter earnings of 33 cents per share excluding special items, 9 cents better than the market estimate of 24 cents per share. Revenue also beat forecasts with Tiffany bringing in $598.2 million, ahead of the analyst consensus of $573.75 million. Comparable store sales were down 10 percent from the year-ago quarter.

Earnings for Tiffany were down 1 percent, while revenue dropped 3 percent.

The luxury good seller raised its full year earnings forecast on the results to $1.88 to $1.98 from $1.65 to $1.75, compared to the analyst estimate of $1.77. The company is continuing to tighten inventory and is seeing the declines in U.S. sales slowing, along with stronger-than-expected global numbers.

"We were pleased to see that the rate of sales declines in the U.S. lessened as the quarter progressed," Michael J. Kowalski, Tiffany & Co. Chairman and CEO, said. "At the same time, many countries in Asia-Pacific and Europe achieved considerably better-than-expected sales."

Shares for Tiffany are up 7.6 percent in pre-market hours to $45.00.

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UPDATE: Click here to see some highlights from Tiffany's Q3 conference call.

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