Tiffany & Co. says its sales gained 9% in the first quarter to $895 million, including an 8% gain in comparable-store sales. Net earnings climbed 3% to $84 million, compared with $82 million in the same period a year ago. “Worldwide, first quarter sales exceeded our expectations,” Michael J. Kowalski, chairman and CEO, says in its release. “In addition, we celebrated Tiffany's 175th anniversary with our very successful Blue Book event and promotional activities surrounding the debut of the film The Great Gatsby, for which we designed the jewelry."
The retailer says it is affirming its earlier forecasts, with sales expected to increase by a mid-single-digit percentage. It expects to open 14 new stores.