Tiffany & Co. , which is being taken over by LVMH, posted third-quarter earnings that blew past estimates on Tuesday, and said sales in key market Mainland China rose 70% from a year ago. The jewelry retailer posted net income of $119 million, or 98 cents a share, for the quarter, up from $78 million, or 65 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.11, well ahead of the 66 cents FactSet consensus. Sales fell 1% to $1.008 billion, ahead of the $973 million FactSet consensus. "Further to continued management focus and investment in that important market, sales in Mainland China continued to grow dramatically in the third quarter, increasing by over 70%, with comparable sales nearly doubling in that period as compared to the prior year," Chief Executive Alessandro Bogliolo said in a statement. E-commerce sales rose 92% and accounted for 12% of total sales year-to-date, up from 6% in each of the last three fiscal years, he said. "Absolutely noteworthy is the performance of T1, our newest gold and gold with diamonds collection, which was received particularly well in all markets and channels," he said. Tiffany is now expecting fourth-quarter sales to fall by a mid-single-digit percentage, and for EPS to rise by a high-single-digit percentage. Shares were slightly higher premarket, but have fallen 1.6% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.45% has gained 11%. LVMH shares /zigman2/quotes/201350549/delayed FR:MC -0.34% were down 0.1% in Paris.