Tiffany Profit Rises 15% On Strong Sales In U.S., International

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.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • US/Iran nuclear talks down to the wire

    Richard Haass, Council on Foreign Relations president, shares his thoughts on whether an agreement with Iran over its nuclear program will likely be reached. The real deadline will be the end of June, says Haass.

  • Sneak peek at McLaren's 570S Coupe

    CNBC's Robert Frank heads to the New York Auto Show to get a look at McLaren's new Sports Series model. It's priced at $185,000 and will complete against Porsche, Lamborghini and Ferrari.

  • Gloomy forecast for next quarter EPS

    Michael Thompson, S&P Capital IQ, discusses the downward trend in growth and whether estimates could decrease even more.