Tiffany & Co. reported strong growth in the second quarter of 2014, a three-month period that ended on July 31.
Net earnings rose 16 percent, to $124 million, and worldwide net sales rose 7 percent, to $993 million. The company increased its earnings forecast for the year by 5 cents per share, up to $4.20–$4.30 per diluted share.
“These healthy second-quarter results reflected solid sales growth in our stores, particularly in the Americas and Asia-Pacific regions,” chairman and CEO Michael J. Kowalski said in a statement. “In addition, an improved gross margin was an important contributor to the earnings growth. We were also pleased with solid performance across most product categories, ranging from the success of perennial classics in fine, statement, and engagement jewelry to our newest Atlas collection, and we are excited about the current debut of our new Tiffany T jewelry collection.”
It was announced in July that Kowalski will retire from the company in April 2015 and be replaced by current company president Frederic Cumenal.
Third-quarter results are expected on November 25.
The full report is available here.