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US jeweler Tiffany & Co posted a better-than-expected $31.9 million quarterly net profit due to improved sales in China and online.
The net earnings in the three months ended July 31, dropped from $136.3 million last year.
According to the luxury jewelry maker, retail sales in mainland China began to improve in April and continued to accelerate in May, during which retail sales increased by about 90 percent.
Worldwide sales plunged 29 percent to $747.1 million, missing the expected $772 million.
Tiffany said that worldwide sales in August so far were slightly up from a year earlier, with the rebound in second-quarter sales in China extending into the current quarter.
Tiffany CEO Alessandro Bogliolo said that sales accelerated in mainland China and global e-commerce during the second quarter, propelling its return to quarterly profitability.
Earlier this week, Tiffany and LVMH pushed back the deadline to complete their deal by three months as they seek regulatory approvals delayed by the pandemic.
