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Tiffany Q2 profit jumps 33%, to open 17 stores

New York City -- Supporting continued strength in the luxury sector, Tiffany & Co. reported Friday that profit for the quarter ended July 31 soared 33% to $90 million, from $67.7 million a year earlier. Results surpassed Wall Street estimates, and the jewelry retailer raised its full-year profit outlook.

Revenue surged 30% in the quarter, to $872.7 million, beating analysts’ expected $785.6 million.  Same-store sales jumped 22%.

"We are extremely pleased by these results which confirm the growing global appeal of Tiffany's product offerings," chairman and CEO Michael Kowalski said in a statement.

Global strength was apparent in the retailer’s quarterly results. In the Americas, revenue rose 25% to $438.2 million, but that performance was bested even by the Asia-Pacific where sales jumped 55%, and in Europe, where sales gained 32%.

The retailer said it plans to open 17 company-operated stores between now and fiscal year-end Jan. 31, 2012, which includes six in the Americas, three in Europe and eight in the Asia-Pacific. One store in Japan is slated for closure.
 

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