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Tiffany's 1Q profit more than doubles

Tiffany's 1Q profit more than doubles

Tiffany & Co. reported Thursdsay that its net income more than doubled in the first quarter as the jewelry chain enjoyed stronger-than-expected revenue in the U.S. and soaring sales in Asia.
Tiffany also raised its annual profit outlook above Wall Street expectations.
The jeweler said it earned $64.4 million, or 50 cents per share, in the three months ended April 30. That compares with $24.3 million, or 20 cents per share in last year's first quarter.
Revenue rose 22 percent to $633.6 million.
Analysts surveyed by Thomson Reuters expected earnings per share of 36 cents on revenue of $611.9 million.
Revenue in the Americas increased 22 percent to $315.3 million. Adjusted for currency fluctuations, revenue rose 20 percent and revenue at stores open at least a year rose 15 percent. That was helped by the New York flagship store, whose revenue rose 26 percent. Other branch stores open at least a year saw revenue rise 13 percent, while Internet and catalog revenue in the Americas rose 23 percent.
Revenue at stores open at least a year is considered a key indicator of a retailer's health.
In the Asia-Pacific region, revenue soared 50 percent to $122.3 million. In Japan, which Tiffany separates from its Asia-Pacific segment, revenue slipped 2 percent to $115 million. Business in Europe rose 25 percent to $68.6 million.
Tiffany said it now expects profit for the year to be $2.55 to $2.60 per share, up from the original $2.45 to $2.50 per share. Analysts surveyed by Thomson Reuters expects $2.50 per share.


Updated : 2021-05-16 18:19 GMT+08:00