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Tiffany Sales Trounce Expectations

Aug 26, 2011, 1:11 PM
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Looks like bling-lovers aren't all that worried about the faltering economy. Tiffany says its second quarter results beat expectations, with sales jumping 30% to $872.7 million, powered by a 22% gain in comparable store sales. And net earnings climbed 33% to $90 million. Gains came in all geographic regions, and at its New York flagship, sales shot up 41% in the quarter.

"Despite continuing economic uncertainty, our strong first half performance gives us ample reason to remain confident about our prospects for the balance of the year," CEO Michael J. Kowalski says in its release. "We are encouraged that total worldwide sales growth in the third quarter-to-date is continuing to exceed our expectations."

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