Strength in Tiffany & Co.’s overseas operations helped the high-end jeweler transcend the tepid U.S. marketplace and post double-digit earnings and sales increases for the first quarter.
Profits advanced 19.1 percent to $64.4 million, or 50 cents a diluted share, on a 12.2 percent rise in sales to $668.1 million for the quarter ended April 30.
Sales in the Americas rose 5.7 percent to $373.6 million, as the Asia-Pacific region was up 21.2 percent to $222 million and turnover in Europe jumped 38.2 percent to $60.1 million.
“We are continuing to pursue important expansion opportunities in 2008 and expect to open approximately 24 stores across the U.S., Asia-Pacific and Europe,” said Michael Kowalski, chairman and chief executive officer. “And we will introduce a new, smaller store format in the U.S. later this year.”
For complete coverage, see Monday’s issue of WWD.