Tiffany & Co. Says Fiscal Q2 Profit Rises 16%

Same-store sales, a vital indicator of a retailers' health, climbed by 3 percent.

Tiffany & Co. recorded a 16 percent increase in its fiscal second-quarter profit. The high-end jeweler attributed the rise to higher sales in the Americas and Asia-Pacific regions.

For the second-quarter, which ended on July 31, same-store sales edged up 3 percent.

"These healthy second-quarter results reflected solid sales growth in our stores, particularly in the Americas and Asia-Pacific regions," said CEO Michael Kowalski.

"In addition, an improved gross margin was an important contributor to the earnings growth."

Sales increased by 7 percent to $993 million, while net profit was $124 million, from $107 million in the same quarter last year.

Taking into account foreign exchange changes, the Asia-Pacific region saw a 14 percent increase in sales to $237 million, largely from China and Australia.

Sales in the Americas region rose 9 percent to $484 million, while in Europe, sales climbed 8 percent to $120 million.

Meanwhile, sales fell 13 percent to $119 million in Japan as demand dropped after a robust first quarter, Tiffany said.