Last week we brought you Tiffany & Co’s debut handbag collection launch, but the news this week focuses on the brands second quarter results. Although economic analysts forecast the results high, the company fell just shy of expectations. However, Tiffany & Co brought positive news that revenue rose to $668.8 million in the quarter which ended on July 31st (analyst forecasts were set at $690.8 million on average.)In addition, net income “rose 19 percent to $67.7 million, or 53 cents a share”, as Tiffany fell $1.33 or 3.2 percent to $40.71 at close of business on 28th August, in the New York Stock Exchange. It’s clear that the Americas are dragging down the net for the company overall as they make up “more than half of the total at Tiffany’s, which operates more than 220 stores worldwide. In Asia however, there was a 21% increase which resulted in a staggering 19% profit gain.
However, we have faith that the new debut handbag collection should strengthen the next quarter, given it's a new product injection and curiosity amid the publicity should certainly account for some strong sales.
Image credit: tiffanyandco.com
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