Jeweler Tiffany posts first increase in sales in 8 quarters


Tiffany & Co reported its first rise in sales in eight quarters as strong sales in China and Japan more than offset a decline in the United States.

The maker of the iconic "Tiffany Setting" diamond engagement ring said same-store sales fell 2 percent in the third quarter ended Oct. 31.

Analysts on average had expected a 2.8 percent drop, according to research firm Consensus Metrix.

Tiffany's net sales rose slightly to $949.3 million from $938.2 million a year earlier.

Net income rose to $95.1 million, or 76 cents per share, from $91 million, or 70 cents per share.

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