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Tiffany: A glitter of hope

By
James Covert
Published Nov. 26, 2009, 5:00 a.m. ET

Demand is up for little blue boxes.

Tiffany raised its profit outlook yesterday, saying sales of its pricey items are off to a strong start for the holidays.

Boosting hopes that the luxury market may finally be on the mend, the upscale jeweler said business picked up during the first part of November. Last week, a surprise quarterly profit at Saks stoked speculation that well-heeled shoppers, emboldened by the stock market’s bull run, are splurging after a year of restraint.

European jewelers Richemont and Bulgari have also reported encouraging results in recent weeks. For the third quarter, Tiffany said profit fell 1 percent to $43.3 million, or 35 cents a share, as sales dropped 2.9 percent to $598.2 million. The results, which beat Wall Street’s expectations, sent Tiffany shares higher by $2.06, or 4.9 percent, to $43.89.

Tiffany’s growth has been fueled by boutiques in Europe and Asia. The company expects to triple its stores in mainland China within five years.

At home, sales continue to plunge, though at a slower rate. At the flagship store on Fifth Avenue, which generates as much as 15 percent of the company’s business, sales fell 8 percent during the quarter.