Upscale jeweller Tiffany & Co raised its full-year profit forecast for a second time following a better-than-expected rise in quarterly profit, driven by strong sales in Asia and the Americas.
Sales in the Asia-Pacific region, excluding Japan, rose 13 percent in the second quarter ended on 31 July, followed by the 10 percent increase in its biggest market – the Americas. Same-store sales increased 8 percent in the Americas and 7 percent in Asia-Pacific. Total same-store sales rose 3 percent.
Tiffany’s net income rose 16 percent to USD124.1 million, or 96 cents per share. Net sales rose 7.2 percent to USD992.9 million.
(Source: CNBC)