NEW YORK (TheStreet) -- Shares of Tiffany & Co. (TIF) - Get Report continue to move higher by 1.10% to $101.88 on heavy volume in early afternoon trading on Wednesday, following the company's announcement its 2014 second quarter net income grew 16%, exceeding analysts' expectations.

The jewelry retailer posted net income of $124 million, or 96 cents per diluted share for the most recent quarter, compared to $107 million, or 83 cents per diluted share for the 2013 second quarter.

Watch the video below for a closer look at Tiffany's latest quarterly results:

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So far, 2.95 million shares of the company have exchanged hands as compared to its average daily volume of 753,000 shares. 

Tiffany & Co. said revenue increased by 7% to $993 million, from $925.8 million for the year ago quarter, while analysts forecast $987.8 million in sales.

Separately, TheStreet Ratings team rates TIFFANY & CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate TIFFANY & CO (TIF) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, good cash flow from operations, increase in net income and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

You can view the full analysis from the report here: TIF Ratings Report

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