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Tiffany misses quarterly same-store sales estimates

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By Reuters
Tiffany misses quarterly same-store sales estimates
FILE PHOTO: A Tiffany & Co logo is seen outside the store on 5th Ave in New York, New York, U.S., March 19, 2019. REUTERS/Carlo Allegri   -   Copyright  CARLO ALLEGRI(Reuters)
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(Reuters) – Tiffany & Co <TIF.N>, which is being bought by Louis Vuitton owner LVMH <LVMH.PA>, fell short of Wall Street estimates for quarterly sales on Thursday as the luxury jeweller was hurt by weak demand from foreign tourists and business disruptions in Hong Kong.

Tiffany’s same-store sales, excluding the effects of currency exchange rates, were up 1% in the third quarter, missing analysts’ average estimate of a 1.44% increase, according to IBES data from Refinitiv.

The company’s net earnings fell to $78.4 million (£61.11 million), or 65 cents per share, in the quarter ended Oct. 31, from $94.9 million, or 77 cents per share, a year earlier.

Late last month, French luxury goods maker LVMH agreed to buy Tiffany for $16.2 billion, a deal that could help boost the U.S. jeweller’s business, which has struggled with dated collections and a retreat from Chinese shoppers in America.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel)