Tiffany performed better-than-expected in Q3

November 24, 2020

Starting early 2021 will be part of the LVMH conglomerate

One of the most famous American jewelers – Tiffany & Co posted Q3 2020 earnings that left the markets impressed.

Tiffany had a net profit of $1.01 billion in the past quarter, ahead of the $980.71 million expected. The EPS also topped the $0.66 forecasted, coming in at $1.11.

Tiffany's sales surged 30% in the Asia-Pacific region, while they plummeted 16% in the US. However, due to the pandemic, its online sales went up 92% in Q3.

Moreover, in early 2021 the luxury goods giant LVMH will acquire Tiffany & Co. The latter will pay $15.8 billion upon the takeover. The deal already has regulatory clearance.

After the news hit the wire, Tiffany's stock price went up 0.17%.

Sources: marketwatch.com

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