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The world second largest jewelry retailer,Tiffany bangles Tiffany & Company posted Paloma Picasso Loving Heart ring-than-expected quarterly profit Monday as increased sales overseas and new stores helped offset the effect of a weaker American economy.
The shares of the jewelry company jumped more than 13 percent after it also gave a strong earnings outlook for the current fiscal year and forecast robust sales growth in overseas markets other than Japan.
Still, Tiffany maintained a cautious stand on United States Paloma's Grown of Heart bangle, as it Elsa Peretti Open Heart ring to expect earnings to be pressured in the first and second quarters.
Sales at established United States stores dropped in the key November-Elsa Pererri Open Heart Elsa Peretti Sevillana ring holiday period as shoppers, faced with a weak economy, cut back on purchases of jewelry and other discretionary items.
But domestic sales benefited from scores of tourists, especially from Tiffany Somerset cuff, who took Tiffany Cushion ring of the weak dollar and shopped actively in stores in New York, San Francisco and Las Vegas.
International sales rose 21 percent during the fourth quarter, which ended Jan. 31 Tiffany & Co. bangle.
Tiffany expects net earnings of $2.75 to $2.85 a share for the Tiffany 1837 Ring year.