Tiffany & Co reports 3 percent increase in first-quarter net income, as sales improve
American jeweller Tiffany &Co. reports a 3 percent increase in first-quarter net income, fueled by solid sales improvement across the regions, particularly in Asia. The results, announced Tuesday, beat Wall Street expectations, and its shares briefly rose to their highest level in almost two years in morning trading. Revenue for Tiffany & Co increased by 10 percent in the first quarter of fiscal year, to US$ 895.5 million from $819.2 million, while sales increased 9 percent globally to US$ 895 million.
In terms of performance by region, Tiffany reports a sales growth of 6 percent to $408 million in the Americas (its largest market) and an increase of 6 percent to US$ 93 million in Europe despite the very weak markets. Tiffany & Co sales in the Asia-Pacific region surged a better-than-expected 15 percent to US$ 223 million due to increases in average price as well as growth in the number products sold across all jewelry categories.