Tiffany's 3Q Profit Up, Boosts Outlook

"We are now one month into the all-important November-December holiday season and are pleased with overall sales growth that is meeting our expectations."

Jewelry and luxury goods retailer Tiffany & Co.'s third-quarter earnings more than tripled on strong sales growth and a hefty gain on the sale and leaseback of its Tokyo flagship store.

It also boosted its earnings outlook for the full year. However, the company's shares closed down 5 percent, or $2.32, to $46.43, after a morning rally, as analysts expressed caution that its Manhattan flagship store has become a temporarily disproportionate driver of sales, helped by a flood of foreign tourists who are taking advantage of the declining dollar. Read more