Tiffany Profit Exceeds Estimates on Overseas Sales |
| Bloomberg - May 30, 2008 |
Tiffany & Co., the world's second- largest luxury-jewelry retailer, said first-quarter profit rose 19 percent and forecast full-year earnings that may beat analysts' estimates on a surge in jewelry sales abroad.
Tiffany climbed 2.2 percent in New York trading.
Net income increased to $64.4 million, or 50 cents a share, from a revised $54.1 million, or 39 cents, a year earlier, New York-based Tiffany said today in a statement. Profit exceeded analysts' estimates by 9 cents.
European sales jumped 38 percent, while locations in Asia had a 21 percent increase in revenue. Sales at Tiffany's main New York store rose 16 percent as foreign tourists bought jewelry. Clothing designer Polo Ralph Lauren Corp. said earlier this week that profit surged 41 percent, helped by European purchases.
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- Posted: 2008-05-30 08:31:23
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