Tiffany Q2 profit up 19% on overseas sales, raises outlook
New York Tiffany & Co.’s second-quarter net income rose 19% on higher revenue as shoppers bought more of its high-end jewelry around the world, particularly in Asia and Europe.
In the three months ending July 31, the company earned $67.7 million up from $56.8 million a year ago. Revenue rose 9% to $668.8 million, below analyst estimates of $690.2 million. Same-store sales increased 5%.
Roughly half the company’s revenue now comes from outside the United States. Growth in the Asia-Pacific region, excluding Japan, was the company’s strongest in the quarter as those economies continue to prosper.
Tiffany raised its full-year earnings guidance to a range partly above analyst estimates, and CEO Michael Kowalski said the company looked forward to the second half “with a sense of guarded optimism.”
Americas, seven in the Asia-Pacific region and two in Europe. The company operated 223 stores and boutiques at the end of July, up from 211 at the same point last year.
Best Buy launches video-game trade-in service
MINNEAPOLIS Best Buy announced that it has launched a video-game trade-in service in nearly 600 stores.
“The expansion of our trade-in program reaffirms our commitment to consistently pursue new ways to bring a better gaming experience to consumers,” said Chris Homeister, SVP and general manager for the home entertainment group at Best Buy. “Fall marks the launch of several highly-anticipated gaming titles and new technology, and we’re thrilled to provide gamers with innovative ways to connect with the games they love.”
Consumers can now bring their previously played video games into Best Buy and trade them for an instant Best Buy gift card to use for purchasing anything in the store, including any game or gaming accessory. Soon, they will be able to purchase a pre-owned game as well, the company reported.
Target launches customizable ad server
MINNEAPOLIS Target has announced the launch of “My TargetWeekly,”a new customizable version of its popular online weekly ad. With My TargetWeekly, guests can create customized views and deal alerts to learn when their favorite items are on sale, the company reported. They also can view coupons, see top 10 deals, share via Facebook and Twitter and create their own customized mobile shopping lists for their next visit in-store or online.
“We are excited to provide our guests with yet another innovation to simplify their lives and improve their shopping experience,” said Steve Eastman, president of Target.com. “As the only retailer offering this technology, we are proud to give our guests more ways to make the most of their dollar, which helps us deliver on our ‘Expect More. Pay Less.’ brand promise.”
My TargetWeekly can also be found on the Target Facebook fan page and guests can share products and shopping experiences with friends to create smart recommendations. The more guests “love” a product, the smarter the recommendation engine becomes, the company said.