Wed, Aug 27, 2014 10:46 AM EDT 1:10
Tiffany had a solid quarter as more people in America and Asia Pacific visited the diamond stores. Profits surged and shares are on the rise on Wednesday. Profit came in at 96 cents a share. That's better than a year ago and more than a dime better than expectations. Sales grew to $993 million, also better than estimates. Comparable sales at stores opened for at least a year climbed 3% and both domestic and international stores did well. CEO Michael Kowalski said, "These healthy second-quarter results reflected solid sales growth in our stores, particularly in the Americas and Asia-Pacific regions." In Europe, overall sales climbed, but comparable store sales declined 8%, reflecting slow customer traffic in the U.K. and continental Europe. Tiffany also didn't do well in Japan. Japan used to be the bright spot for Tiffany, but the recent tax hike in the country gave all retailers a headache and Tiffany's sales in Japan declined 13%.