Tiffany & Co. Reports Strong First Quarter Earnings
By Candice Naranjo
Wed May 21st, 2014 10:25am America/Los_Angeles
NEW YORK (AP) – Tiffany & Co. is reporting a 50 percent spike in first-quarter earnings as worldwide sales jumped by double digits and the company boosted prices.
Tiffany beat expectations and raised its earnings guidance for the year, sending shares up more than 5 percent before the opening bell Wednesday.
The jeweler known for its iconic turquoise gift boxes says net income rose to $125.6 million, or 97 cents per share. That’s way better than the 78 cents per share Wall Street was looking for and up from $83.6 million, or 65 cents per share, last year.
Revenue climbed 13 percent to $1.01 billion, also topping estimates.
Tiffany now expects full-year net income of $4.15 to $4.25 per share, up from $4.05 to $4.15 per share previously. Analysts expect $4.19 per share.
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