Tiffany & Co first quarter earnings increase by 50%

US jewellery manufacturer Tiffany & Co has reported 50 per cent profit growth in its Q1 financial results.

The company’s earnings rose to $126m (£74m) in the three months to April, as global net sales grew 13 per cent to $1bn (£592m).

It’s European business saw total sales rise 9 per cent to $101m (£59m), while the Americas’ total sales increased 8 per cent to $439m (£260m) and in the Asia-Pacific region rose 17 per cent to $261m (£154m).

Michael J. Kowalski, chairman and chief executive officer, said: “This is an excellent and encouraging start to the year. We were pleased with the strong and broad-based sales growth across most regions and product categories and our ability to leverage those improved sales into very significant growth in operating and net earnings.

“Strength in fine and statement jewellery sales continued, while sales of our new or expanded jewellery collections accelerated, led by our ATLAS collection.”

Image: Peffry