NEW YORK (AP) — Tiffany & Co.'s net income spiked 50 percent in the first quarter as worldwide sales jumped by double digits and the company boosted prices.
Results beat expectations and the jeweler raised its earnings guidance for the year, sending shares up nearly 9 percent in early trading Wednesday.
"This is an excellent and encouraging start to the year," said CEO Michael Kowalski.
Tiffany, known for its iconic turquoise gift boxes, reported that net income rose to $125.6 million, or 97 cents per share during the three months ended April 30. That handily beat the 78 cents per share Wall Street was looking for and is up from $83.6 million, or 65 cents per share, last year.
Valentine's Day was a boost during the month, Mark Aaron, Tiffany vice president of investor relations, said in a call with analysts.
"Despite snowstorms that affected a number of our stores in the eastern U.S., we enjoyed very good Valentine's Day results," Aaron said.
Revenue climbed 13 percent to $1.01 billion from $885.5 million. Analysts expected $953.7 million. Revenue rose 8 percent to $439 million in the Americas, Tiffany's largest market. Revenue rose 17 percent in the Asia Pacific region, 20 percent in Japan and 9 percent in Europe.
Revenue in stores open at least a year, a key retail metric, rose 11 percent globally and 8 percent in the U.S.