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Thursday, August 28, 2008
Tiffany 2Q Profit Doubles, Beating Expectations
Associated Press
Jewelry retailer Tiffany says second-quarter profit doubled, beating Wall Street expectations as sales rose by double-digit percentages in Asia and Europe.
The New York-based Tiffany & Co. (TIF) said Thursday it earned $80.8 million, or 63 cents per share, in the three-month period ended July 31. That compares with $40.5 million, or 29 cents per share, in the year-ago period.
Revenue rose 11% to $732.4 million from $662.6 million in the year-ago period.
Analysts surveyed by Thomson Reuters expected profit of 55 cents per share on revenue of $721 million. Those estimates typically exclude one-time items.
The company also raised its outlook for earnings in 2008.
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