Tiffany & Co. (TIF) posted its Q1 earnings on Wednesday, May 23.
The jewelry giant bypassed analyst expectations, posting strong earnings. In the U.S., it saw net sales rise 9% to $425 million.
While the U.S. is still Tiffany's strongest market, Asia is quickly gaining. The $329 million that the company earned from the Asia-Pacific came largely from the greater China market. Japan's sales were lower, at $151 million, but that still bypassed European sales, which sat at $107 million.
Tiffany's worldwide sales increased 15%. But, demand for the iconic brand was strongly felt in Asia. Total net sales in Asia-Pacific, which includes China, soared 28%. Net sales in Japan rose 14%. In comparison to the looming Asia markets, Europe had an increase of 13%.
The company's fiscal 2018 outlook only reaffirms the growing international markets. It expects world wide net sales to increase "by a single-digit percentage over the prior year."
Tiffany's also expects to see a free cash flow of at least $400 million this year.
In response to the positive earnings, the stock soared over 23% when the market closed on Wednesday.