Tiffany profit dips but raises full-year forecast

New York City Tiffany & Co. reported a larger-than-expected profit for the third quarter and raised its forecast for full-year earnings on the strength of its overseas sales and a solid start to the holiday season. Profit dipped 1% to $43.3 million, from $43.8 million a year ago. Sales for the quarter ended Oct. 31 fell 2.9% to $598.2 million.

The company's sales showed double-digit growth in Asia and a slower rate of decline for the United States. Global same-store sales fell 6% during the quarter and were down 10% in the United States.

The declines eased as the quarter progressed, Tiffany said, and November worldwide is signaling a strong start for the holiday season.

"We were pleased to see that the rate of sales declines in the United States lessened as the year progressed," said CEO Michael Kowalski. "At the same time, many countries in Asia-Pacific and Europe achieved considerably better-than-expected sales."