NEW YORK, United States — Tiffany & Co topped quarterly estimates for profit and revenue and raised its full-year profit forecast on Tuesday as the upscale retailer sold more jewelry in China and the Americas.
Tiffany's shares rose nearly 5 percent in premarket trading after the company said it expected full-year earnings per share to be between $4.65 and $4.80, up from $4.50-$4.70 per share.
Net sales from the Americas, which accounts for nearly half of the company's total sales, rose 8 percent to $475 million, helped by higher spending by local customers.
Growth in Greater China led to a 28 percent rise in sales in the Asia Pacific region.
On a constant currency basis, same-store sales rose 7 percent. Analysts on average had expected an increase of 5.73 percent, according to Thomson Reuters I/B/E/S.
The company's net earnings rose to $144.7 million, or $1.17 per share, in the second quarter ended July 31, from $115 million, or 92 cents per share, a year earlier.
Net sales rose to $1.08 billion from $959.7 million, topping the average analyst estimate of $1.04 billion.
Excluding one-time items, the company earned $1.17 per share, while Wall Street had expected $1.01 per share.
By Vibhuti Sharma; editor: Arun Koyyur.