Luxury jeweler Tiffany Thursday reported higher quarterly profit as strong sales in the United States and other markets that helped offset weakness in Japan.
Net income rose to $49.7 million, or 36 cents a share, in the first quarter ended April 30, from $43.1 million, or 30 cents a share, a year earlier.
Earnings were a penny above the analysts' average forecast of 35 cents a share, according to Reuters Estimates.
Sales rose 15 percent to $620.9 million, helped by growth in most markets except for Japan.
Chief Executive Michael Kowalski said he expected profit of $2.10 to $2.15 a share for the fiscal year.
The company said it planned to increase its store footprint by 10% percent and expand its Tiffany branded wholesale watch distribution significantly.