3Q Direct Sales Up 4% at Tiffany

New York-based jeweler Tiffany & Co. (NYSE: TIF) reported a third-quarter sales increase of 8% and an earnings boost of 37%. For the three months ended Oct. 31, Tiffany netted $23.8 million on sales of $500.1 million. The bottom line benefited from a 5% increase in worldwide comparable store sales, a higher gross margin, and a lower effective tax rate.

Direct marketing sales for the quarter rose 4%, to $27.3 million, due to increased average order amounts. U.S. retail sales increased 9%, to $247.8 million; U.S. comparable store sales rose 7%, with growth of 12% in New York flagship store sales and 6% in branch store sales.

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