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Tiffany Q2 profit and sales top estimates; to open 10 stores
New York – Profit and revenue for Tiffany & Co. exceeded Wall Street predictions during the second quarter of fiscal 2014. Net earnings rose 16% to $124 million from $107 million in the second quarter of the previous fiscal year, which the retailer attributed to worldwide net sales growth and gross margin improvements.
Worldwide net sales increased 7% to $992.9 million, from $925.9 million. Strong performance in the colored diamond and statement jewelry categories helped drive sales.
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Chico’s Q2 profit disappoints amid price cuts
Fort Myers, Fla. – Chico’s FAS Inc. reported net income of $30.1 million in the second quarter of fiscal 2014, down 31% from $43.6 million in the year-ago period. Price cuts needed to clear seasonal merchandise were a primary driver of Chico’s lower net income. Its results missed Wall Street expectations.
Net sales for the quarter ended August 2, 2014, were $671.1 million, up 3.3% from $649.5 million in the previous year, primarily reflecting the addition of 98 net new stores.
Total same-store sales rose 0.3%.