Tiffany 1Q Profit More Than Doubles As Demand Rebounds |
| Wall Street Journal - May 27, 2010 |
Tiffany & Co.'s (TIF) first-quarter earnings more than doubled on demand across most of its markets and product lines, a sign that higher-end and even mainstream consumers are feeling better about buying.
Items costing more than $50,000 moved along with merchandise priced at less than $100 as people began to treat themselves to necklaces, rings and other non-essential merchandise.
Tiffany raised its earnings projection for the year, because of easy comparisons with last year's soft results and a greater confidence there will be "no deterioration in the macro environment or in consumer confidence," Chief Financial Officer James Fernandez said during a conference call Thursday.
Tiffany said it saw a resurgence in the U.S. as sales in its Americas division increased 22%, which was better than company expected and compared with a 31% decline last year. Increased transactions in all major product categories and bigger average transaction sizes drove the growth, the company said.
Read Full Article from Wall Street Journal
- Posted: 2010-05-27 10:47:24
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