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[video] Tiffany's (TIF) Third Quarter Dazzles

NEW YORK (TheStreet) -- Tiffany (TIF) dazzled in its third quarter, thanks to strong demand in Asia, encouraging the U.S. jeweler to upwardly revise its full-year forecast. In response, shares spiked 6.2% to $86.01 in premarket trading, adding to the year's 41.3% growth so far.

The New York-based retailer reported net income of 73 cents a share for the period ended Oct. 31, a 50% increase over the year-ago quarter. Sales rose 7% to $911.5 million, $22 million higher than analysts surveyed by Thomson Reuters had expected.

"Worldwide sales growth in the quarter demonstrated the growing power of the Tiffany & Co brand and the benefits of our expanding global presence. Operating earnings rose faster than sales, reflecting favorable product cost trends and ongoing well-controlled expenses," said Chairman and CEO Michael J. Kowalski in a statement.

Globally, comparable-store sales rose 7%, demonstrating the brand's strength overseas. In the Asia-Pacific region, the company's strongest market, total sales increased 29% and comparable-store sales grew 22% on a fixed exchange rate basis.

For the full year, management revised its earnings forecast to between $3.65 and $3.75 a share, 15 cents higher than its previous guidance range of $3.50 to $3.60 a share. The company earned $3.25 a share in 2012. Analysts were expecting full-year earnings of $3.62 a share for the year ending in January.

TheStreet Ratings team rates Tiffany & Co as a Buy with a ratings score of A-. The team has this to say about its recommendation:

"We rate Tiffany & Co (TIF) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

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