Monday, August 29, 2011

Tiffany Raises Forecast as Sales Rise Worldwide

Tiffany raised its full-year profit outlook as more shoppers worldwide snapped up its jewelry during the bridal season, overcoming rising gold and diamond costs, sending shares up nearly 8 percent.

Tiffany & Co.
Flickr User: bretthpatrick
The Tiffany & Co. store in New York City.

Tiffany [TIF 69.01 5.90 (+9.35%) ] net income rose 33 percent to $90 million, or 33 cents per share, during the quarter that ended on July 31, from $67.7 million, or 53 cents a year earlier.

Excluding one-time items, Tiffany earned 86 cents a share.

Tiffany raised its full-year profit outlook range by 20 cents and expects to earn between $3.65 and $3.75 per share, above the $3.56 Wall Street analysts were forecasting, according to Thomson Reuters I/B/E/S.

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