Tiffany 2Q profit rises, helped by China growth

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Associated Press

Posted on August 27, 2013 at 7:02 AM

Updated Tuesday, Aug 27 at 7:03 AM

NEW YORK (AP) — Tiffany & Co.'s fiscal second-quarter net income climbed 16 percent, driven by strong sales in China.

The high-end jewelry company also boosted its full-year earnings forecast on Tuesday, citing its better-than-expected quarterly profit.

Tiffany, known for its blue boxes, earned $106.8 million, or 83 cents per share, for the period ended July 31. A year earlier it earned $91.8 million, or 72 cents per share.

Revenue for the New York company increased 4 percent to $925.9 million from $886.6 million, helped by strong performances from its statement and fine jewelry products.

Analysts predicted earnings of 74 cents per share on revenue of $941.5 million.

Asia-Pacific sales climbed 20 percent, led by strong results in China.

Revenue at stores open at least a year rose 5 percent on growth in most regions.

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