Tiffany’s same store sales sparkle

Tiffany & Co. reported a better-than-expected increase in same-store sales, mainly due to strong demand for high-end fashion jewelry in North and South America.

Same store sales for the third quarter grew 4% worldwide and 11% in the Americas. The company reported $959.6 million in third quarter revenue, a 5% increase compared to the year-ago quarter but a figure that fell short of analysts’ $970 million forecast. Net income for the quarter came in at $38.3 million, or 29 cents per share, a 60% decline over the prior-year period’s $95 million (73 cents per share) in net earnings.

“We were pleased with overall sales performance, especially in light of economic and geopolitical challenges around the world,” Tiffany CEO Michael Kowalski said. “We continue to pursue exciting opportunities in marketing, merchandising and store expansion to support longer-term growth, and are especially encouraged with initial results from the recent launch of our Tiffany T jewelry collection.”

Kowalski is scheduled to step down as CEO next year, though he’ll remain on the board as non-executive chairman. President Frederic Cumenal will take over the top job on April 1, the company said earlier this year. Tiffany operates 293 stores around the world.