Tiffany reports surprise fall in store sales

Industries Reuters

Tiffany & Co reported a surprise drop in quarterly comparable sales due to lower spending by tourists and domestic customers in the Americas.

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Sales at stores established for more than a year fell 3 percent, compared to a 1.1 percent rise expected by analysts polled by research firm Consensus Metrix.

Tiffany's net sales rose marginally to $899.6 million in the first quarter ended April 30.

The company's net income increased to $92.9 million, or 74 cents per share, from $87.5 million, or 69 cents per share, a year earlier.

 

(Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D'Couto)