Tiffany Defies Retail Climate, Posts Strong Q3

NEW YORK CITY-Jewelry retailer Tiffany & Co. posted strong third-quarter results, despite weakness in the overall economy and a lackluster performance by other chains in the industry. The company posted sales gains across its portfolio.

In the US, same-store sale rose 8% year over year during the period, which ended Oct. 31. Sales increased in various markets across the country, and the New York City flagship store posted a 25% gain, due to transactions with local customers and foreign tourist. The only stores to post a drop in sales in this division were in Hawaii and Guam.

Internationally, same-store sales increased 10%, including a 29% boom in the Asia-Pacific region and a 14% jump in Europe. Japan was the only non-US country that experienced a decline, falling 1%.