Tiffany sales rise as lower-priced jewelry attracts US customers

Tiffany & Co reported a 13 percent rise in quarterly sales as the company's increasing focus on lower-priced jewelry attracted customers in the United States, its biggest market.

Net profit rose to $125.6 million, or 97 cents per share, in the first quarter ended April 30 from $83.6 million, or 65 cents per share, a year earlier.

Scott Eells | Bloomberg | Getty Images

Total net sales rose to $1 billion from $895.5 million.

Sales in the Americas rose 8 percent to $439 million.

Wall Street has expected the luxury retailer to deliver earnings per share of 78 cents a share on $956 million in revenue, according to a consensus estimate from Thomson Reuters.

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Tiffany is seen as a bellwether for the luxury industry. Sales of luxury goods are expected to grow more slowly in 2014 compared with last year as weakness in China, Russia and Europe counters rising global tourist shopping and strong demand in Japan and the United States, according to a new study from Bain. contributed to this report.