Iconic jeweller Tiffany & Co. reported better than expected sales and profit growth today, with higher sales across all products and several geographies.
Worlwdwide net sales rose 12 per cent to $1.1bn (£850m) in the second quarter, while net earnings were up 26 per cent to $145m.
This was driven by a particularly strong increase in the Asia-Pacific region, where sales were up 28 per cent to $301m.
In the US, the company's largest market, sales also racked up a strong increase of eight per cent to reach $475m.
Why it's interesting
The positive results from Tiffany's are the latest in a string of better than expected figures from the US's luxury retail sector. Fashion houses Michael Kors and Tapestry both beat estimates this month.
Tiffany's put its higher sales down to strategic transformation including new communication and in-store initiatives. The company has targeted younger shoppers with its refreshed approach, recently announcing a remodelling of its New York flagship store following the success of an Instagram-friendly restaurant in the store.
The company's management upped its guidance for the year, predicting that net earnings will come in between $4.65 and $4.80 per share, compared to a previous top estimate of $4.70 per share.
What Tiffany's said
Chief executive Alessandro Bogliolo said: "We believe that the thoughtful combination of making short- and long-range strategic investments is necessary to achieve the full growth potential of this legendary brand.”
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