Tiffany profit rises on sales gains in China; forecast raised

Tue Aug 27, 2013 7:09am EDT

Aug 27 (Reuters) - Tiffany & Co on Tuesday reported a higher quarterly profit, helped by sales gains in China that trumped fears of a slowdown there, and the U.S. jeweler raised its full-year forecast.

Global sales rose 4.4 percent to $925.9 million in the second quarter ended July 31. Same-store sales rose 5 percent.

Tiffany reported net income of $106.8 million, or 83 cents per share, compared with $91.8 million, or 72 cents per share, a year earlier. The company now expects a profit of $3.50 to $3.60 per share this fiscal year, 7 cents more than its previous forecast range.

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