Tiffany Reports Diamond-Studded Q3 Results
Global net sales for luxury goods company Tiffany & Co. (NYSE: TIF) were 1% lower for the third quarter of 2020 year over year, but this mild apparent decline conceals at least two positives. Tiffany once again topped $1 billion in quarterly net sales, an important milestone in its pandemic rebound. Plus, efficiency improvements caused net earnings to jump 52% year over year, or 73% excluding the costs of its merger with LV Moet Hennessy (OTC: LVMHF).
Tiffany's results handily beat analyst consensus expectations according to data by Zacks Equity Research. Wall Street averages counted on $0.75 earnings per share (EPS), but the company delivered a 48% positive earnings surprise with an EPS of $1.11. EPS also jumped 70.7% from Q3 2019's $0.65 per share. The revenue beat for its $1.01 billion in sales was much slimmer at a positive 0.21% surprise.
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Source Fool.com
