Tiffany plans to shine during holidays, stock shines today
August 28, 2008 by Tisa Silver
Filed under Finance
Tiffany & Co. surprised the markets today with news of a sparkling second quarter. The jeweler boasted an 11 rise in sales and the near doubling of profits.
Tiffany acknowledged that domestic sales are sluggish but expects a rebound in the fourth quarter. International sales remained strong in Europe and parts of Asia.
Although analysts concur Tiffany’s pricey product line appeals to a more recession-proof set of shoppers, some expressed doubt regarding the company’s optimistic outlook for the holiday season.
But, investors dubbed Tiffany king (or queen) of bling for the day as the stock closed 11 percent higher.
