Tiffany 2Q Net Up 33% On Strong Sales; Boosts Year View |
| Wall Street Journal - Aug 26, 2011 |
Tiffany & Co.'s (TIF) fiscal second-quarter earnings rose 33% on strong international sales and its ability to pass along to customers the costs of higher precious metal and stones.
The jewelry retailer also saw strength in the U.S. for the period.
All told, Tiffany experienced double-digit sales growth in all its geographic regions, led by Asia-Pacific, and its results easily beat analysts' estimates. The high-end jewelry retailer had said when it reported first quarter results that it was seeing continued momentum. On Friday, Chief Executive Michael Kowalski said the strength was continuing into the current period.
"Despite continuing economic uncertainty, our strong first half performance gives us ample reason to remain confident about our prospects for the balance of the year," Chief Executive Michael Kowalski said. "In addition, we have been able to absorb precious metal and gemstone cost increases while improving our gross and operating margins."
Read Full Article from Wall Street Journal
- Posted: 2011-08-26 11:16:16
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