NEW YORK (TheStreet) - Tiffany (TIF - Get Report) shares were rising 1% to $101.81 on Wednesday after the luxury-jewelry retailer surprised Wall Street by beating earnings expectations by 9 cents a share, fueled in large part by sales growth in the U.S. and gross margin expansion of approximately 240 basis points, to 59.9%.
For the second quarter, Tiffany reported net income of $124 million, or 96 cents a share, compared with $107 million, or 83 cents a share in the year-earlier period. Consensus estimates were calling for earnings of 85 cents a share for the July 31-ending period.
For more on Tiffany's latest quarterly results, watch the video below:
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts