Strong global sales boost Tiffany's 3Q results

[November 29, 2011]  NEW YORK (AP) -- Tiffany & Co. says its fiscal third quarter profit rose 63 percent on strong sales globally, particularly in Asia.

The luxury retailer known for its iconic turquoise box is also raising its full-year forecast on the strong quarter.

Tiffany's results show the luxury shopper is continuing to spend freely. That segment has rebounded more quickly from the recession than others.

The New York company says net income rose to $89.7 million or 70 cents per share in the three months ended Oct. 31. That compares with $55.1 million, or 43 cents per share, a year ago. Analysts expected earnings of 60 cents per share.

Revenue rose 21 percent to $821.8 million. Analysts expected $801.8 million.

Sales rose in all regions, including a 17 percent increase in the Americas and a 44 percent rise in Asia-Pacific.

[Associated Press]

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