Investing.com - Jewelry retailer Tiffany&Co. reported better-than-expected third quarter earnings on the back of strong revenue figures, it announced early Tuesday.
Earlier in the day, in its third quarter earnings report, Tiffany said earnings per share came in at USD0.73, easily surpassing expectations for earnings of USD0.58 per share.
The company's third quarter revenue totaled USD911.5 million, above expectations for revenue of USD889.1 million.
Global comparable store sales increased 7% in the June-to-September period led by Asia. U.S. comp sales rose 1%, below forecasts for 2% growth.
The strong earnings growth in the quarter led management to increase its full year forecast. Tiffany now sees full year earnings per share in a range between USD3.65 to USD3.75, compared to a previous estimate of USD3.50 to USD3.60 per share.
Michael J. Kowalski, chairman and chief executive officer, said, "We are very pleased with our overall results. Worldwide sales growth in the quarter demonstrated the growing power of the Tiffany brand and the benefits of our expanding global presence."
Following the release of the report, Tiffany shares rallied 6.2% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mildly higher. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures added 0.1%, while the Nasdaq 100 futures indicated a rise of 0.1% at the open.
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