Tiffany & Co. has a glimmer of hope.
The luxe replica jewelry chain saw net sales bump 3 percent to $959.7 million in the second quarter ended July 31, beating the analysts’ average estimate of $930.3 million. Net income rose to $115 million, or 92 cents per share, in the reported quarter, from $105.7 million, or 84 cents per share, a year earlier.
More good news came from Asia. Tiffany outlet, which gets about 15 percent of its revenue from Japan, saw sales rise 3 percent in Japan for the second quarter.
Here in the U.S., however, growth is somewhat stagnant.
According to Reuters, comparable sales in the Americas fell 1 percent due to lower tourist spending and weak demand. However, the flagship outlet store — despite being located on the ground floor of the heavily guarded Trump Tower — is doing well.
The Fifth Avenue store “returned to a relatively normal flow of customer traffic following the disruption immediately after the 2016 election, and was not a drag on overall sales in the quarter,” according to Tiffany outlet vice president of investor relations Mark Aaron on a Thursday conference call.
Recall how the Fifth Avenue Business Improvement District estimated that local businesses around Trump Tower, like cheap Tiffany & Co., have in aggregate lost $40 million in revenue since Election Day.
The news is a silver lining for Tiffany outlet, which reported an unexpected drop in same-store sales three months ago. Investors were expecting a modest increase but saw a 2 percent drop in same-store sales for the three months ended April 30.
Tiffany’s shares rose more than three percent in early trading Thursday before dipping to $86.81 as of 2:34 EST PM.