Tiffany Q2 profit up 19% on overseas sales, raises outlook
New York Tiffany & Co.'s second-quarter net income rose 19% on higher revenue as shoppers bought more of its high-end jewelry around the world, particularly in Asia and Europe.
In the three months ending July 31, the company earned $67.7 million up from $56.8 million a year ago. Revenue rose 9% to $668.8 million, below analyst estimates of $690.2 million. Same-store sales increased 5%.
Roughly half the company's revenue now comes from outside the United States. Growth in the Asia-Pacific region, excluding Japan, was the company's strongest in the quarter as those economies continue to prosper.
Tiffany raised its full-year earnings guidance to a range partly above analyst estimates, and CEO Michael Kowalski said the company looked forward to the second half "with a sense of guarded optimism."
Americas, seven in the Asia-Pacific region and two in Europe. The company operated 223 stores and boutiques at the end of July, up from 211 at the same point last year.