By  on May 21, 2014

Shares of Tiffany & Co. advanced more than 9 percent Wednesday after the jeweler reported better-than-expected first-quarter results lifted by a surge in spending in Japan and ongoing strength in luxury.

The firm lifted its full-year earnings guidance and said it expects gross margin improvement for the year, although not at the level of the 200 basis point improvement registered during the first quarter.

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