Tiffany stocks down despite profits rise

<p>Profits are up at Tiffany.</p>

The share price of Tiffany and Co has taken a hit today (August 28th) despite the luxury brand confirming an increase in its profits.

It was announced by the firm that its profits rose by 16 per cent during the second quarter of the year, but this was not enough to boost its stocks higher.

Chief financial officer for the firm Patrick McGuiness revealed that the company has a cautious outlook for the Americas region after same-store sales were shown to be unchanged.

However, sales at stores that have been open for at least a year in Asia – excluding Japan – were up by 13 per cent.

"We are maintaining a cautious sales outlook for the Americas until we see solid evidence of an upturn," Mr McGuiness said.

At 15:41 BST on the Nasdaq, shares in Tiffany and Co are down by close to three per cent on the start of the day's trading on the index.

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