Tiffany reports 16 percent increase in Q3 net earnings
U.S. based jeweler Tiffany today reported an increase in net earnings in its second quarter ended July 31, 2013 reflecting sales growth and an improved operating margin. As a result of better-than-expected earnings in the quarter, management increased its full year forecast.
In the three months ended July 31, global net sales rose 4% to $926 million, with net earnings increasing by 16% to $107 million, compared with $92 million. In the six months ended July 31, 2013 global net sales increased 7% to $1.8 billion.
Michael J. Kowalski, CEO of Tiffany said, “Total sales growth met our objective due to solid performance in most regions, and with particular strength in our statement and fine jewelry product categories. We were pleased with the results of our efforts to improve gross margin which, combined with well-controlled expenses, yielded a solid increase in operating margin.”