NEW YORK — Buoyed by robust international sales and higher gross margins, Tiffany & Co. posted an 8 percent profit gain on sales that rose 6 percent during the first quarter.Although gross margins were higher year over year, the company warned that rising precious metal prices could cut into margins for the fiscal year.
For the quarter ended April 30, the retailer’s net income climbed to $43.1 million, or 30 cents a diluted share, from $40.1 million, or 27 cents, in the prior year on sales that jumped to $539.2 million from $509.9 million. Operating profits increased 12 percent to $74.2 million from $66.3 million. Earnings per share results exceeded analysts’ consensus estimate by 2 cents, according to Thomson Financial.
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