Soaring sales leave Tiffany sparkling
By Anne D'innocenzio |
May 28, 2010, Friday
|
Print Edition
Print Edition
TIFFANY & Co reported yesterday that its net income more than doubled in the first quarter as the jewelry chain enjoyed stronger-than-expected revenue in the United States and soaring sales in Asia.
Tiffany also raised its annual profit outlook above Wall Street expectations.
The jeweler said it earned US$64.4 million, or 50 cents per share, in the three months ended April 30. That compares with US$24.3 million, or 20 cents per share in last year's first quarter.
Revenue rose 22 percent to US$633.6 million.
Revenue in the Americas increased 22 percent to US$315.3 million. In the Asia-Pacific region, revenue soared 50 percent to US$122.3 million.
Tiffany now expects profit for the year to be US$2.55 to US$2.60 per share, up from US$2.45 to US$2.50 per share.
Tiffany also raised its annual profit outlook above Wall Street expectations.
The jeweler said it earned US$64.4 million, or 50 cents per share, in the three months ended April 30. That compares with US$24.3 million, or 20 cents per share in last year's first quarter.
Revenue rose 22 percent to US$633.6 million.
Revenue in the Americas increased 22 percent to US$315.3 million. In the Asia-Pacific region, revenue soared 50 percent to US$122.3 million.
Tiffany now expects profit for the year to be US$2.55 to US$2.60 per share, up from US$2.45 to US$2.50 per share.
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