Sales at stores open at least a year in the United States dropped 27 percent. At its flagship New York store, sales were off 30 percent. Tiffany shares gained $3.82, or 11.3 percent, to close at $37.57.
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Tiffany & Company said Friday that its second-quarter profit fell but beat analysts' expectations as its steep sales decline moderated, providing a sparkle of hope in the moribund luxury market. The company also raised its full-year earnings forecast. ''While economic and retail conditions remain challenging, we were encouraged to see many stores achieving either smaller year-over-year rates of sales declines or modest sales growth compared with the past two quarters,'' the chief executive, Michael J. Kowalski, above, said in a statement.
The company, which is based in New York, earned $56.8 million, or 46 cents a share, down 30 percent from $80.8 million, or 63 cents a share, a year earlier. Excluding one-time items, Tiffany earned 39 cents a share, better than the 33 cents expected by Wall Street analysts. Sales in the period, which ended July 31, fell 16 percent, to $612.5 million, from $729.6 million. Sales fell 22 percent and 20 percent in the previous two quarters.
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