I guess some of us are doing better than others.

Tiffany profit almost doubles, beating estimates

By Andria Cheng, MarketWatch
Last update: 8:01 a.m. EDT Aug. 28, 2008Comments: 1NEW YORK (MarketWatch) - Luxury jewelry retailer Tiffany & Co. reported Thursday that fiscal second-quarter profit almost doubled, exceeding estimates, after overseas demand, particularly in Europe and Asia, helped offset declining sales in the U.S.
Net income in the quarter ended July 31 rose to $80.8 million, or 63 cents a share, from $40.5 million, or 29 cents, in the year-earlier period. Sales at the New York company (TIFTIF
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TIF) rose 11% to $732.4 million and would have risen 7% excluding the impact of currency translations.
Comparable-store sales, a key retail performance metric, declined 1%. Tiffany had 196 namesake stores as of July 31.
The company raised its full-year profit outlook by 2 cents a share to a range of $2.82 to $2.92. Total sales are expected to rise 9%, led again by Europe and Asia with a return to positive comparable-store sales in the U.S. expected in the fourth quarter.
Analysts estimated Tiffany would earn 55 cents a share in the second quarter and $2.87 for the year, according to FactSet Research.
Tiffany shares jumped 6% in pre-market trading.
Tiffany has been helped by demand from London to China as U.S. consumers, including aspirational luxury shoppers, curtailed discretionary spending against the economic slowdown. The company has said sales of items below $500 in the U.S. have been soft.
Sales in the Americas rose 3% to $422.4 million, helped by new-store openings. Comparable-store sales in the U.S. declined 4%. Comparable branch-store sales declined 6% while the New York flagship's sales climbed 5%, driven by increased spending by non-U.S. visitors. Sales in Canada and Latin America were strong, the company said.
Sales in Asia jumped 17% to $214.2 million. Comparable-store sales in the region rose 11%, driven mostly by currency-translation impact.
European sales increased 35% to $71 million with comparable sales climbing 19%, also helped by a lower dollar.
Gross margin, or the percentage of sales left after subtracting the cost of goods sold, widened to 57.8% from 56.1%.

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" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

Its because I have quit attending weddings since the kids are here and am sending more expensive gifts now in my absence

Wow, you're single-handedly improving Tiffany's balance sheet? I AM impressed, JD!

__________________
" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

I thought it was that lovely asscher cut canary bauble you gave to the Mrs. for Mother's Day this year.

__________________
"It's normal for these things to empty your wallet and break your heart in the process."
2012 SLK 350
1987 420 SEL

I'm boycotting weddings because of that new trend inviting husbands to baby showers. Luckily, my wife is in agreement with me that men should not attend baby showers, and approves of my protest of weddings to make my point. Win Win

Mother's day this year was arguably the most expensive ever: the decorator--Phase III--the final chapter.

I agree. Unless there is a man-cave with a really good HDTV and free flowing adult beverages and some good BBQ guys- stay home.

__________________
"It's normal for these things to empty your wallet and break your heart in the process."
2012 SLK 350
1987 420 SEL

The folks with money still have it. Municipal golf courses have felt the effect of the economy but private courses still have plenty of money to spend.

__________________

1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

You know this is a trend that has always existed. In bad times people with money often go out and spend more to make themselves feel better.

__________________
" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

Or they just go on with life as usual.

I wish I had some, there are some bargains to be found.

__________________

1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

I asked a used car salesmen at MB of San Diego, "How's business these days?"

He said "Pretty good actually. Rich people are still rich."

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1982 240 D, 308,000 - 321,127 miles (sold)
1982 300 TD,166,500 - 226,000 miles
1998 E 320, 120,000 - 144,000 miles
2005 C 230 K, 26,000 - 77,000 miles (sold)

Its probably because people spend money whether they have money or not. I know of two weddings right now and one is going to all be put on a credit card. Scares me to death!! Also, I have attended one baby shower in my life. I am never going back.

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1984 300SD Orient Red/ Palomino
1989 560SEC
2016 Mazda 6 6 speed manual
1995 Ford F-150 reg cab 4.9 5speed manual