Tiffany & Co.'s third-quarter profit dipped 1 percent, partly on weaker U.S. sales as shoppers continued to curb their discretionary spending, the company said Wednesday.
Still, the luxury-goods seller known for its signature blue box lifted its full-year earnings and sales outlooks as it continued to tighten inventory and cut costs. It said U.S. sales declines are slowing and overseas sales are coming in better than expected.
The luxury sector has seen sales drop sharply during the recession, with shoppers cutting back on big-ticket items like expensive jewelry. But with signs that the economy is improving, Tiffany's quarterly performance bodes well, as it was above the retailer's expectations.
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