Tiffany & Co. Raises Full Year Forecast as Sales Improve
Tiffany & Co. the well known upmarket jeweller for the second time improved the forecast for its full-year profit after it experienced a better than expected increase in the company's quarterly profit. The rise is mainly attributed to the sturdy rate of sales and the growing prices for its swanky jewellery in Americas' which are its prime markets.
On Wednesday in early trading the share prices of Tiffany grew 4.9 percent at $105.65 which was a record high. This is the strongest growth in sales for the company in America which has been seen in the past two years.
Tiffany had been trying to get the perfect balance in the last two years for its expensive jewellery and the cheaper items of silver that is sells which accounts for a quarter of the total sales.
The bounce back was obvious when the sales in its Fifth Avenue flagship store in Manhattan increased being aided by more spending coming from Americans as well as tourists who come from China and Europe. This store alone accounts for eight percent of the total revenue.
New Zealand News
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