* Q3 EPS from operations 33 cts vs Street view 24 cts

* Smaller sales drop in U.S., says November starts well

* Ups FY EPS from continuing ops view to $1.88-$1.98/shr

* To triple China mainland stores within 5 years

* Tiffany shares up 4.1 percent (Adds analyst comments, details from call, updates shares)

By Phil Wahba

NEW YORK, Nov 25 (Reuters) - Tiffany & Co (TIF.N: Quote, Profile, Research), which resisted the temptation to deeply discount its jewelry in the recession, posted earnings showing its upscale shoppers around the world are coming back to life.

Tiffany's quarterly profit beat Wall Street expectations and the company raised its full-year forecast on Wednesday, saying early trends in November were encouraging ahead of the holiday shopping season. Its shares rose 4 percent.

"Tiffany's results also speak to a company that defended its brand during the depth of the market downturn last holiday season by not discounting its merchandise," Brian Sozzi of Wall Street Strategies Inc said in a note.