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NEW YORK — Strong sales of higher-priced jewelry such as engagement rings and diamonds in the U.S. and overseas helped Tiffany & Co.’s third-quarter net income rise 27 percent, another sign luxury spending is rebounding quicker than other areas.
The jewelry maker famous for its iconic turquoise box also on Wednesday forecast a strong holiday season and raised its yearly guidance well above expectations.
Net income rose to $55.1 million, or 43 cents per share, from $43.3 million, or 34 cents per share.
Excluding costs related to a pending move of headquarters staff, net income was 46 cents per share. That beat analyst expectations of 37 cents per share, according to a poll by Thomson Reuters.
