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Empresas y finanzas

Tiffany results beat estimates, shares up


    BANGALORE (Reuters) - Upscale jeweler Tiffany & Co posted a higher-than-expected quarterly profit on Friday as it squeezed out costs and saw a modest improvement in demand for its pricey baubles.

    The company, which reduced selling, general and administrative expenses by 14 percent in the quarter, said it is pursuing a more modest pace of store expansion this year, citing economic conditions.

    Tiffany's net profit fell to $56.8 million, or 46 cents a share, for the second quarter ended July 31, from $80.8 million, or 63 cents a share, a year earlier.

    Excluding items, the profit per share was 39 cents, beating analysts' average forecast of 33 cents a share, according to Reuters Estimates.

    Net sales fell 16 percent to $612.5 million. Analysts on average had expected $604.9 million, according to Reuters Estimates.

    Tiffany shares were up 7 percent at $36.33 in premarket trade.

    (Reporting by Dhanya Skariachan, editing by Gerald E. McCormick)