Tiffany & Co. Posts 16% Jump In Fiscal Q2 Profit

(IDEX Online) – Jewelry retailer Tiffany & Co. posted a 16 percent jump in its fiscal second-quarter profit with the Americas and Asia-Pacific regions pushing sales higher.

The retailer also raised its earnings outlook for the year.

For the period ended July 31, same-store sales increased by 3 percent, the firm said.

"These healthy second-quarter results reflected solid sales growth in our stores, particularly in the Americas and Asia-Pacific regions," said CEO Michael Kowalski.

"In addition, an improved gross margin was an important contributor to the earnings growth."

Sales rose 7 percent to $992.9 million, while net profit came in at $124.1 million, from $106.8 million in the same period last year.

Taking into account foreign exchange changes, the Asia-Pacific region saw a 14 percent increase in sales to $237 million, largely from China and Australia.

Total sales in the Americas region jumped 9 percent to $484 million, while in Europe, sales surged 8 percent to $120 million.

Meanwhile, sales dropped 13 percent to $119 million in Japan, Tiffany said, as demand dropped after a robust first quarter.