NEW YORK (Reuters) - Tiffany & Co (TIF.N) reported a better-than-expected quarterly profit on Thursday bolstered by a resurgence in luxury spending worldwide, and the company raised its full-year profit forecast.
The upscale jeweler’s net income of $64.4 million, or 50 cents per share for its first quarter, which ended on April 30, more than doubled the earnings of $24.3 million, or 20 cents per share a year earlier.
Excluding one time items, Tiffany earned 48 cents per share, beating Wall Street forecast of 37 cents, according to Thomson Reuters I/B/E/S.
Sales at its stores open at least a year, or same-store sales rose 10 percent, lifted by growing international sales.
In Asia, sales rose 50 percent, while at its flagship store on Manhattan’s Fifth Avenue, sales were up 26 percent.
Overall sales rose 22 percent to $633.6 million during the quarter.
Tiffany raised its full year profit forecast to a range of $2.55 to $2.60 per share, above the average Wall Street estimate of $2.51. Tiffany expects sales to be up 11 percent this year and to open 16 stores.
Tiffany operated 221 stores and boutiques as of April 30, up from 209 a year ago.
Reporting by Phil Wahba; Editing by Derek Caney