NEW YORK (AP) - Jewelry retailer Tiffany says second-quarter profit doubled, beating Wall Street expectations as sales rose by double-digit percentages in Asia and Europe.
The New York-based Tiffany & Co. said Thursday it earned $80.8 million, or 63 cents per share, in the three-month period ended July 31. That compares with $40.5 million, or 29 cents per share, in the year-ago period.
Revenue rose 11 percent to $732.4 million from $662.6 million in the year-ago period.
That's outrageous! While American families are struggling, companies like Tiffany are gouging consumers by taking advantage of record high gold prices. Congress should convene hearings to look into curbing speculation and find evidence of market manipulation.
No word yet from Democrats calling for a windfall profits tax on jewelry. That's not expected though, since the left has decreed that the laws of Supply & Demand only apply to things people don't need. But still, haven't we been told that "excess" profits are better off in the hands of government than the people who earned them?
I know congressional demagogues don't know the difference between profit and profit margin, but Tiffany's 11% return is much higher than Big Oil's average of 8.3%, which should be reason enough for Democrats to seize their property.
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