TIF - Tiffany sees 25% rise in operating earnings for August and September

Tiffany (TIF) reports preliminary sales and operating earnings for August and September 2020. Worldwide net sales for the two-month period declined slightly Y/Y and operating earnings increased ~25%.Positive sales trends are continuing in October.Globally, e-commerce sales nearly doubled for the two-month period from the comparable period in 2019. E-Commerce comprises of ~6% of total net sales.Sales in Mainland China and the Tiffany T1 line remained extremely strong. Tiffany’s cash balance continued to be in excess of $1B at September 30 and is expected to be ~$900M at year-end.The Company currently expects a mid-single digit percentage decline in sales and increase in operating earnings in Q4.Q4 EPS is expected to increase by a mid-to-high single digit percentage.

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Tiffany sees 25% rise in operating earnings for August and September