Tiffany & Co. reported better-than-expected first quarter results, with comps rising both worldwide and in the Americas. In the first quarter ended April 30, same-store sales in the Americas increased 9 percent year-over-year on both a reported and constant-exchange-rate basis.
The jeweler reported higher spending both by tourists and local customers. Total sales were $425 million, up 9 percent (8 percent on a constant-exchange-rate basis) to $425 million. Worldwide, same-store sales were up 10 percent (7 percent on a constant-exchange-rate basis) while total sales rose 15 percent (11 percent on a constant-exchange-rate basis) to $1 billion. Product-wise, Tiffany reported strong sales growth across all categories—jewelry collections, designer jewelry and engagement jewelry. Net earnings climbed 53 percent year-over-year from $93 million to $142 million.