Tiffany & Co Reports Higher Revenues And Net Profits in Q2

(IDEX Online News) – Tiffany & Co posted a rise in revenues and net profits in its fiscal second quarter that ended on July 31.

Global sales climbed 4.4 percent on the year to $925.9 million in the second quarter, while net income jumped to $106.8 million from $91.8 million a year before.

Profit was higher than expected, aided by lower diamond and gold prices, while the upscale jeweler said its price rises had not put off shoppers.

Sales at stores open at least a year, or same-store sales, increased 5 percent globally.

Better-than-expected sales in China enabled a 13-percent jump in sales in the Asia region outside of Japan which accounts for where around 20 percent of the jeweler’s sales and where the depreciation of the yen hurt results.

Meanwhile, in Europe, same-store sales jumped 7 percent, excluding currency fluctuations, and were unchanged in the Americas.

Tiffany raised its profit forecast for this year, and said it expects net sales worldwide to show a mid-single-digit percentage rise.