NEW YORK (TheStreet) -- Shares of luxury jewelry retailer Tiffany & Co. (TIF) are gaining by 7.45% to $91.90 in pre-market trading on Wednesday morning, after the company reported better than expected earnings results for the 2015 first quarter.
Tiffany said its net earnings were 81 cents per diluted share, exceeding the 70 cents per share analysts polled by Thomson Reuters had forecast.
Revenue declined year-over-year by 5% to $962 million, but topped the $919 million analysts were anticipating.
"We started the year facing well-known challenges from both global economic uncertainties and the effect of a strong U.S. dollar on the translation of foreign-denominated sales into dollars and on foreign tourist spending in the U.S., as well as a difficult sales comparison in Japan. Despite those factors, our first quarter results for net sales, as well as for gross margin and net earnings, were somewhat better than we anticipated," company CEO Frederic Cumenal said in a statement.
Separately, TheStreet Ratings team rates TIFFANY & CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TIFFANY & CO (TIF) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and good cash flow from operations. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."