Tiffany 2Q net income rises 19 pct on rising sales

[August 27, 2010]  NEW YORK (AP) -- Tiffany & Co. says its second-quarter net income rose by 19 percent as the luxury jeweler's revenue rose as shoppers bought more of its products around the world.

The chain raised its annual guidance to a range partly above analyst estimates.

The New York company earned $67.7 million, or 53 cents per share in the quarter ending in July. That's above the $56.8 million, or 46 cents per share, the company earned last year.

Excluding one-time items, the company earned 55 cents per share -- 2 cents above analyst estimates.

Revenue rose 9 percent to $668.8 million, below analyst estimates of $690.2 million.

Tiffany now expects net income to range from $2.60 to $2.65 per share this year, above its prior estimate of $2.55 to $2.60.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.