Tiffany Secret: ‘not distracted by external factors!’
Tiffany net sales rose 10% & Net earnings rose 24% in 9M Tiffany & Co reported its financial results for the three months-Q3 and nine months-year-to-date (9M), ended October 31, 2018. Management attributed sales growth in the third quarter to higher spending by local customers in all regions, partly offset by lower spending attributed to foreign tourists, primarily Chinese, in certain regions. Planned higher strategic investment spending in the quarter and year-to-date, which is intended to support long-term sustainable sales growth, negatively impacted earnings; higher gross margins and lower effective tax rates had positive effects on net earnings. Management maintained its net earnings outlook for the full year ending January 31, 2019 that is FY2018. According to the report on Q3, worldwide net sales increased 4% to $1.0 billion, reflecting growth in all regions and in most product categories; comparable sales rose 2%. On a constant-exchange-rate basis tha