Tiffany’s report 33% growth in profit and plan 11 store openings

American luxury jewellery and accessories brand TIFFANY’S reported a 33,1% increase in its profit for the second quarter of 2011. Thanks to the strength of its brand, the company has been able to gradually increase prices to combat the higher gold and platinum costs. 

Net sales for the second quarter rose by 30,5% to a total USD 872,7 million. Higher prices helped gross margin improve to 59% of sales, compared to a year ago of 57,8%. Sales in the U.S. rose by 25%, in Japan by 21%, in Europe by 32% and an impressive 55%  in Asia Pacific.

Tiffany’s has a total of 233 stores worldwide and plan to open 11 new stores in 2011 of which 6 in America, 3 in Europe and 8 in Asia Pacific. It will also close a store in Japan.