Tiffany Q3 misses Street; cuts outlook
New York — Tiffany & Co. reported Thursday that net income for the quarter ended Oct. 31 plummeted 30% to $63.2 million from $89.7 million, hurt by higher costs and tax rates as well as continued economic softness.
Revenue climbed 4% to $852.7 million, missing Wall Street’s expected $858.8 million in sales. By region, sales rose 6% in Europe and 3% in the Americas.
The retailer has cut its full-year earnings forecast.
J. Crew profit surges 54% in Q3
New York — J. Crew Group reported Thursday that net income for the third quarter rose 54% to $33.2 million, from $21.6 million in the prior year. The retailer also has signed a lease for its first store abroad, on London’s Regent Street, Women’s Wear Daily reported.
J. Crew’s revenues for the quarter increased 16% to $555.8 million. Same-store sales increased 10%.
Guess Inc. profit plummets 44.7% in Q3
Los Angeles — Guess Inc. reported Wednesday a profit of $36.6 million for the third quarter, down 44.7% from net earnings of $66.3 million in the same period last year.
Revenue fell 2.2% to $628.8 million, from $642.8 million in the prior-year quarter, but beating analysts’ expected $624.8 million in revenue. Retail sales in North America dipped 1.3% to $262.1 million. Same-store sales overall dropped 6%.
The company said economic pressures hurt consumer confidence in most of its markets.