Tiffany says 'premature' to say there has been 'meaningful' turn in business
Says spending by foreign tourist customers rose in Q3 vs. decline in 1H. Says lower spending attributed by Chinese tourists "more than offset" by spending by tourists from Japan and elsewhere. Says sales in U.S. pressured by lower local spending, election. Says will maintain "cautious" outlook, cites recent election-related activity, "uncertainty" over upcoming Hong Kong election. Says sales increased in U.K. post-Brexit. Says "premature" to say there has been a "meaningful" turn in the business. Sees full year square footage up approximately 3%. Says plans to report holiday sales results on January 17. Comments taken from the Q3 earnings conference call. Tiffany & Co is up 5.6% in pre-market trading.