Tiffany’s shares sparkled as brightly as its diamonds as the jewelry chain raised its full-year profit forecast and reported better-than-expected quarterly results.
Footfall at its flagship store on Fifth Avenue in New York’s Manhattan – which accounts for eight percent of its overall sales – rose thanks to international tourists, but the company also saw broad-based strength right across the United States, its biggest market.
Revenue was even up nine percent in economically depressed Europe, it rose 17 percent in the Asia Pacific region and 20 percent in Japan.
Net profit rose 50 percent to $125.6 million (92 million euros) while total sales rose 15 percent to $1 billion (732 million euros) on a constant-currency basis.
Tiffany & Co, which is usually cautious in its outlook, said earnings would be flat in the current quarter.