For Tiffany & Co., The Market Crash Brought Only Profit --- Jewelry Firm Says Earnings Tripled in Third Quarter Despite Tumbling Stocks
NEW YORK -- Tiffany & Co. breezed through the stock market crash, reporting that fiscal third-quarter earnings tripled.</br></br>Status continued to be a retailer's best friend, although analysts cautioned that what's true for Tiffany, the upper-crust jeweler and luxury-item concern, isn't necessarily true for more mundane firms.</br></br>Earnings for the quarter ended Oct. 31 jumped to $3.7 million, or 36 cents a share, from $1.2 million, or 17 cents a share, in the year-earlier period. Revenue rose 26% to $54 million from $42.8 million.</br></br>Since the debacle of Black Monday, Oct. 19, "Tiffany's sales have continued at the same strong pace of growth that we generated throughout the third quarter," said Chairman William R. Chaney.</br></br>"While it wouldn't be prudent to forecast in the current environment," Mr. Chaney said, Tiffany remains optimistic and continues to pursue plans to expand.