NEW YORK — Tiffany & Co. Wednesday posted nearly a double-digit gain in first-quarter profits, despite a larger leap in expenses.

For the three months ended April 30, income jumped 9.6 percent to $35.9 million, or 24 cents a diluted share, from $32.7 million, or 22 cents, in the year-ago quarter. Selling, general and administrative expenses rose 15.4 percent reflecting, the company said, “ongoing store expansion and business development spending as well as higher spending for advertising, depreciation and insurance.”

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