Wednesday, January 13, 2010

Luxury retailer Tiffany raises profit forecast

NEW YORK — Shoppers snapped up Tiffany & Co.'s famous jewelry during the holidays, prompting the luxury retailer to raise its annual profit forecast on Tuesday.
The company, renowned for silver jewelry and its signature turquoise boxes, said its worldwide sales climbed 17 percent in November and December.

Tiffany shoppers seized on all sorts of products at a variety of prices, offering hope for luxury retailers, which had been hit hard over the past year as consumers trimmed discretionary spending as the economy faltered.

"Better than expected holiday sales were broad-based geographically, but also across all merchandise categories and price strata, marking another leg up in its recovery from the recession," Caris & Co. analyst Dorothy Lakner told investors in a research note on Tiffany's performance.

The New York-based retail chain, which has a store in Nashville at the Mall at Green Hills, said the holiday boost will help it earn $2.07 to $2.12 per share from continuing operations for the full year, an improvement over an earlier forecast.

Tiffany said companywide sales would hit $2.7 billion.

Tiffany is scheduled to report full earnings results on March 22.



Real Estate Outlook: Housing RecoveryNovember retail results suggest tough run-up to holidays