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

Reuters
Thursday, 31 May 2007 | 7:32 AM ET

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.

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