November 28, 2018 / 11:49 AM / 18 days ago

Tiffany misses quarterly same-store sales estimates

Nov 28 (Reuters) - Tiffany & Co missed estimates for quarterly same-store sales on Wednesday, hit by lower-than-expected spending by Chinese tourists at its U.S. and Hong Kong stores.

Tiffany’s comparable-store sales, excluding the impact of currency changes, rose 3 percent, while analysts on average were expecting a rise of 5.3 percent, according to IBES data from Refinitiv.

The company’s net income fell to $94.9 million, or 77 cents per share, in the third quarter ended Oct. 31, from $100.2 million, or 80 cents per share, a year earlier. (Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)

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