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InternationalManufacturers

Tiffany & Co announces strong Q2 sales and profit growth

Tiffany & Co. today announced a 16% rise in profits for the second quarter of this year, chalking up $124m (£74.75m) in earnings after tax.

The firm said the performance was due to a 7% increase in worldwide net sales (reaching $993m – £598.6m) and a higher gross margin. Management increased its earnings forecast for the current fiscal year by five cents per share.

Michael J. Kowalski, chairman and chief executive officer, said: “These healthy second quarter results reflected solid sales growth in our stores, particularly in the Americas and Asia-Pacific regions. In addition, an improved gross margin was an important contributor to the earnings growth.

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“We were also pleased with solid performance across most product categories, ranging from the success of perennial classics in fine, statement and engagement jewelry [sic] to our newest ATLAS collection, and we are excited about the current debut of our new TIFFANY T jewelry collection.”

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In its statement, the firm said: “On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into US dollars…worldwide net sales increased 7% and comparable store sales increased 3% largely due to growth in the Americas and Asia-Pacific regions.”

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