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Tiffany: Diamond In The Rough

Tiffany posts a 19% jump in quarterly profit and ups its full-year outlook.



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Tiffany & Co.

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reported a 19% jump in second-quarter profit, as sales gained in nearly all its markets, including the U.S.

The high-end jeweler also upped its full-year outlook, which now partially falls ahead of Wall Street's estimates. This makes Tiffany one of the standouts of the quarter, as the majority of the retail sector posted only so-so results and cautious outlooks.

Tiffany's CEO Michael Kowalski even went so far as to say he is looking to the second-half of the year "with a sense of guarded optimism."

During the second-quarter Tiffany earned $67.7 million, or 53 cents per share, compared with $56.8 million, or 46 cents, in the year-ago period.

Revenue jumped 9% to $668.8 million, which was below estimates of $690.2 million. Sales at its New York flagship store grew 8% to $350.4 million. Asia and Pacific revenue climbed 21% to $111.5 million, with the largest growth in China, Hong Kong, Macau and Korea.

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Looking ahead, Tiffany expects full-year earnings in the range of $2.60 to $2.65 a share, from its prior guidance of $2.55 to $2.60. Analysts are calling for a profit of $2.61 a share.

-- Written by Jeanine Poggi in New York.

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