NEW YORK (
, the luxury retailer, posted adjusted second-quarter earnings of 86 cents a share, topping estimates handily as net sales rose 30% from a year earlier. It also raised its fiscal-year earnings forecast.
Tiffany earned $90 million, or 69 cents a share, in the second quarter, compared with year-earlier profit of $67.7 million, or 53 cents a share.
On an adjusted basis, earnings were $111 million, or 86 cents a share.
Sales in the quarter were $872.7 million vs. year-earlier sales of $668.8 million. On a non-GAAP basis, same-store sales in the quarter jumped 22%, Tiffany said Friday.
Sales in the Americas rose 25% to $438.2 million in the second quarter. Sales rose 21% in Japan, where Tiffany has 55 stores.
Analysts surveyed by Thomson Reuters expected Tiffany to earn 70 cents a share in the quarter on revenue of $786 million.
Tiffany "has been able to absorb precious metal and gemstone cost increases while improving our gross and operating margins," said CEO Michael Kowalski in a statement.
Tiffany raised its fiscal-year earnings outlook to $3.65 to $3.75 a share, not including nonrecurring expenses, compared with a previous forecast of $3.45 to $3.55 a share. Analysts are forecasting earnings for the fiscal year ending in January 2012 of $3.56 a share.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here:
>To submit a news tip, send an email to: