Tiffany Sees Strong Sales Growth During Second Quarter

Tiffany & Co reported on Wednesday financial results for the second quarter that ended on July 31.

The net earnings were up 16% thanks to a 7% increase in net sales worldwide and gross margin that was higher.

The earnings forecast was increased by management for its ongoing fiscal year by 5 cents a share.

CEO and chairman Michael Kowalski said the healthy results from the second quarter reflected the solid growth in sales in the company stores, particularly in the Asia-Pacific and Americas region.

In addition, the gross margin improved, which was a very important contributor to the growth in earnings, added the CEO.

The solid performance in the majority of product categories that ranged from success in the perennial classics to engagement jewelry, helped drive the success in earnings.

The ATLAS collection and the TIFFANY T collections have the company excited moving forward said the CEO.

During the quarter, nets sales were up 7% to end at $993 million, while comparable store sales were up 3%, due in large part to the aforementioned two regions.

Net earnings were $124 million or 96 cents a diluted share, in comparison to $107 million, equal to 83 cents a diluted share during the second quarter last year.

Net sales worldwide were up 10% to end the first six months of 2014 at $2 billion with sales higher in all regions and sales in comparable stores up 7%.

Net income for the first half of 2014 was $250 million, an increase of 31% or equal to $1.92 a diluted share from last year during the same period of $190 million equal to $1.48 a diluted share.

Excluding an expense before taxes of over $9 million or 5 cents a diluted share that had been recorded in the first quarter of last year for occupancy and staff reductions, net earnings increased by 27%.

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