NEW YORK ? Jewelry seller Tiffany & Co. said Tuesday its fiscal third quarter profit rose 63 percent on strong sales globally, particularly in Asia.
The luxury retailer known for its iconic turquoise box is also raising its full-year forecast as a result of the third-quarter performance.
But its fourth-quarter forecast fell below expectations and shares fell 6 percent in premarket trading. The fourth quarter includes the key holiday selling season.
Tiffany's results to date show the luxury shopper is spending freely. That segment has rebounded more quickly from the recession than others. High-end jewelry sold better than other categories. Tiffany operates 243 stores globally.
The New York company's net income rose to $89.7 million or 70 cents per share in the three months ended Oct. 31. That compares with $55.1 million, or 43 cents per share, a year ago. Analysts expected earnings of 60 cents per share, according to FactSet.
Revenue rose 21 percent to $821.8 million. Analysts expected $801.8 million.
"Increased sales in all regions contributed to the continuation of strong worldwide sales growth in the third quarter," said CEO Michael J. Kowalski.
In the Americas, sales grew 17 percent to $387.7 million. Revenue in stores open at least one year rose 16 percent.
The measure is considered a key gauge of a retailer's financial health because it excludes stores that open or close during the year.
Tourists helped push the measure up 30 percent Tiffany's the New York flagship store.
In Asia-Pacific, revenue rose 44 percent to $183.2 million, helped by strength in the greater China region.
Revenue rose 12 percent in Japan and 19 percent in Europe.
But the company said that in the fourth quarter, the company expects net income of $1.48 to $1.58 per share. Analysts expect $1.63 per share.
Its shares fell $4.82, or 6.6 percent, to $68.80 in premarket trading.
For the year, Tiffany expects earnings of $3.70 to $3.89 per share, for prior guidance of $3.65 to $3.75 per share. Analysts expect $3.72 per share.
Tiffany expects revenue to rise in the high-teens percentage for the year.
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