Tiffany & Co reported a larger-than-expected quarterly profit as the upscale jeweler contained costs and benefited from stronger sales in Asia and Europe, sending its shares up 7.5 percent.
Earnings edged down to $43.3 million, or 35 cents per share, in the third quarter ended on October 31 from $43.8 million, or 35 cents per share, a year earlier.
The New York-based company said sales at stores open for a least a year, a key performance measure known as same-store sales, had fallen 6 percent.
Excluding one-time items, such as a charge from a diamond sourcing agreement and a tax benefit, Tiffany reported a profit of 33 cents per share from operations.
On that basis, analysts on average had forecast a profit of 24 cents a share, according to Thomson Reuters I/B/E/S.
Sales fell 3 percent to $598.2 million from $616.2 million. Analysts had forecast $575.1 million.
Tiffany raised its outlook for full-year profit from continuing operations to between $1.88 and $1.98 per share. It previously had expected $1.65 to $1.75.
In trading before the market opened, Tiffany shares rose to $44.98 from Tuesday's close of $41.83.
(Reporting by Phil Wahba; Editing by Lisa Von Ahn)