RTTNews | Oct 15, 2020 07:04AM EDT

07:04 Thursday, October 15, 2020 (RTTNews.com) - Tiffany & Co. (TIF) reported that its worldwide net sales for the two-month period declined slightly from a year ago. Sales in the United States declined by a low double-digit percentage in the two-month period. Operating earnings, inclusive of transaction-related expenses, rose approximately 25% year-on-year.

For the fourth quarter, Tiffany & Co. currently expects a mid-single digit percentage decline in sales and a mid-single digit percentage increase in operating earnings. The company expects the sales trends in the United States to further improve in the fourth quarter. Tiffany & Co. projects fourth quarter earnings per share to increase from the year-ago period by a mid-to-high single digit percentage on an as reported basis.

Tiffany's cash balance continued to be in excess of $1 billion at September 30 and is expected to be approximately $900 million at year-end.

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