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12/5/2019, 12:56 PM (Source: TeleTrader)
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Tiffany-0.21%

133.96
Chart for: Tiffany & Co.

Tiffany posts 15% YoY decline in EPS in Q3

Jeweler Tiffany & Co. said on Thursday that its third-quarter sales remained unchanged compared to the year-ago period in its first earnings report since it was announced the company was bought by LVMH for $16.2 billion.

Aside from sales of $1 billion, Tiffany's net earnings fell 17% year-over-year to $78 million on diluted earnings per share of $65.

"Our underlying business remains healthy with sales attributed to local customers on a global basis growing in the third quarter, led by strong double-digit growth in the Chinese Mainland offset in part by softness in domestic sales in the Americas," Chief Executive Officer Alessandro Bogliolo said in a statement. He added that the company is "very excited" about joining the LVMH family of luxury brands.

Shares of Tiffany dipped over 1% in premarket trading following the update.

Breaking the News / JC