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.