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Tiffany 2Q profit rises, helped by China growth Tiffany 2Q profit rises, helped by China growth; lifts full-year earnings forecast By Anne d'Innocenzio And Michelle Chapman, AP Business Writers | Associated Press – Tue, Aug 27, 2013 10:22 AM EDT RELATED QUOTES Symbol Price Change TIF 78.87 SKS 15.87 RL 163.90 COH 54.18
tiffany and co outlet NEW YORK (AP) -- Tiffany & Co. boosted its full year-earnings forecast on Tuesday after posting a 16 percent increase in second-quarter profits on strong sales in China that offset sluggish growth in the U.S.
tiffany silver The upscale jewelry chain's shares rose more than 1 percent in morning trading.
tiffany outlet locations The performance was a bright spot among a pile of disappointing earnings reports released in the past few weeks that have fed concerns over shoppers' willingness to spend — even among the affluent — heading into the winter holiday season. Many lowered expectations for the rest of the year.
tiffany and co outlet Several upscale retailers, including Saks Inc., Ralph Lauren Corp. and Coach Inc., reported weak sales during the spring and early summer period. But Tiffany, which is considered a bellwether for the luxury market, gives hope that well-heeled shoppers are spending.
cheap tiffany & co "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," said Michael J. Kowalski, chairman and CEO in a statement.
The company, which is known for its blue boxes, earned $106.8 million, or 83 cents per share, for the period ended July 31. A year earlier it earned $91.8 million, or 72 cents per share.
Revenue for the New York company increased 4 percent to $925.9 million from $886.6 million, helped by strong performances from its statement and fine jewelry products. Tiffany defines statement jewelry as pieces priced over $50,000.
Analysts polled by FactSet predicted lower earnings of 74 cents per share on higher revenue of $941.5 million.
Shares of Tiffany gained $1.04, to $82.71, in morning trading.
Asia-Pacific sales climbed 20 percent, led by strong results in China. European sales rose 11 percent, buoyed by strength in the U.K. and most of continental Europe.
Japan's sales were dragged down by a weaker yen, falling 14 percent. On a constant currency basis, sales climbed 7 percent on increased sales of engagement and higher-end jewelry.
In the Americas, sales edged up 2 percent led by better sales at its flagship store in New York. The sales increase, however, was entirely due to an increase in average price per jewelry items sold. A modest decline in jewelry items reflected weakness in the moderate price fashion jewelry category, which more than offset unit growth in higher-priced statement and fine jewelry.
Revenue at stores opened at least a year in the Americas was unchanged in the quarter and was in line with expectations.
Revenue at stores open at least a year rose 5 percent on growth in most regions. This metric is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.
Tiffany now foresees fiscal 2013 earnings in a range of $3.50 to $3.60 per share. Its prior guidance called for earnings between $3.43 and $3.53 per share. Wall Street expects earnings of $3.54 per share.
The company is adding six stores in the Americas, including three in the U.S. They include a location in New Jersey's Garden State Plaza, which opened earlier this month, one in Cleveland's ETON Center, which opens Wednesday, and a store in New Orleans in the shops at Canal Place.
As of July 31, the company operated 277 stores, including 116 stores in the Americas, 67 in Asia-Pacific, 54 in Japan, 35 in Europe and five in the United Arab Emirates.
Follow Anne D'Innocenzio on Twitter at https://twitter.com/ADInnocenzio.Related Content Crocs lowers 3Q outlook on weak Americas sales Vera Bradley's share tumble on weak outlook Ambarella posts 21 percent increase in 2Q profit Quiksilver shares shoot higher on 3rd-qtr results SHFL Entertainment 3Q net income falls 38 percent Volkswagen unit Audi sees August sales rise 10 percent Infoblox shares surge on 4Q earnings Smith & Wesson shares fall on outlook Titan Machinery posts mixed 2Q results, trims view Tiffany's strong China sales offset tepid America's business Signet Jewelers 3Q outlook disappoints Williams-Sonoma 2nd-qtr profit up on strong sales Ahead of the Bell: Guidewire Software Movado 2Q profit surges 55 pct, hikes dividend Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. tiffany jewelry
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Tiffany 2Q profit rises, helped by China growth
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