Tiffany & Co reports Q1 50% increase in net profit
In the three months ended April 30, Tiffany & Co reports a turnover rise of 15% to U.S. $ 1 billion (+11% at constant exchange rates and comparable store ) . One of the most dynamic markets for Tiffany was Japan (+20 %), thanks to soaring purchases in the month of March, in view of the increase in VAT ( effective April 1 ) . In Asia -Pacific Tiffany sales grew by 17% , compared with 8% in the Americas and 9% in Europe. Worldwide sales increase by 13%, while net profit jumped 50%.
For the fiscal year ending January 31, 2015 the management team led by Michael J. Kowalski has revised upwards its estimates : the value should be between 4.5 and $ 4.25 per share ( from $4.05 to 4 ,15).