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Jeweler Tiffany posts first increase in sales in 8 quarters

Shoppers carry Tiffany bags while walking on Fifth Avenue in New York.
Mark Kauzlarich | Bloomberg | Getty Images
Shoppers carry Tiffany bags while walking on Fifth Avenue in New York.

Tiffany reported its first rise in sales in eight quarters as strong sales in Japan and China more than offset a decline in the United States, its biggest market.

Shares of the company, which makes the iconic "Tiffany Setting" diamond engagement ring, rose 3.7 percent to $81.00 in light premarket trading on Tuesday.

"Our business in Japan performed well, which we attribute to spending by domestic consumers," Chief Executive Frederic Cumenal said in a statement.

Sales in China rose by "double-digits," Tiffany said.

Sales at established stores fell 2 percent in the third quarter ended Oct. 31.

Analysts on average had expected a 2.8 percent drop, according to research firm Consensus Metrix.

Tiffany's net sales rose slightly to $949.3 million from $938.2 million a year earlier.

Net income rose 4.5 percent to $95.1 million or 76 cents per share.