Tiffany 1Q Profit Climbs 26%, Raises Year Forecast |
| Fox Business - May 26, 2011 |
Tiffany & Co.'s (TIF) fiscal first-quarter earnings rose 26%, as the luxury jewelry retailer continued to post double-digit sales growth with the aid of its increasing international presence.
The company raised its full-year outlook on the basis of the strength, saying worldwide sales growth in the early part of the current quarter is exceeding expectations, with solid performance in most regions.
The results and outlook took shares to a record high of $76.03 earlier in the session.
Tiffany is benefiting from more discretionary spending by upper-end consumers, who are buying premium diamond and gold jewelry. The company is also appealing to more middle-range, aspirational consumers, with finely crafted, but less expensive silver products. Still, because of the uncertain U.S. economic environment, lower-end silver jewelry spending "will likely remain challenging for a while," Investor relations chief Mark Aaron said on a conference call with analysts.
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- Posted: 2011-05-26 10:06:22
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