Tiffany & Co. Shares Rise After Earnings, Revenue Beat

Tiffany & Co. shares rose 1.6% in Thursday premarket trading after the luxury jewelry company reported earnings and sales that exceeded expectations. Tiffany had second-quarter net income of $115.0 million, or 92 cents per share, up from $105.7 million, or 84 cents per share, for the same period last year. The FactSet consensus was 86 cents. Revenue totaled $959.7 million, up from $931.6 million last year and ahead of the $930.0 million FactSet consensus. Same-store sales fell 2%. The company said growth in fashion and designer jewelry offset softness in other categories. Tiffany expects fiscal 2017 global sales to rise by a low-single-digit percentage year-over-year and earnings to increase by a high-single-digit percentage over last year's $3.55. FactSet expects sales of$4.06 billion and earnings of $3.95. Tiffany shares are up 14.6% for the year so far while the S&P 500 index is up 9.2% for the period.