NEW YORK — 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.

The New York-based retailer said yesterday that net income climbed to $98.9 million, or 71 cents per share, in the three months ended Oct. 31 from $29.1 million, or 21 cents per share, a year ago.

Excluding a gain of 48 cents per share on the sale-leaseback of the company's Tokyo flagship store, the retailer earned 23 cents per share in the latest period.

Sales increased 18 percent to $627.3 million from $531.8 million a year earlier, helped by a 9 percent rise in global sales at stores open at least one year.

Analysts surveyed by Thomson Financial expected profit of 25 cents per share on revenue of $616.2 million.

"We are pleased with our overall business in the U.S. and internationally, as well as with product performance ranging from robust diamond jewelry sales to a healthy increase in silver jewelry sales," said Michael J. Kowalski, chairman and chief executive. "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."

Same-store sales, or sales at stores open at least a year, rose 8 percent at its U.S. stores in the quarter, while international sales rose 22 percent.