New York City Tiffany & Co. reported Friday that strong growth in the Asia-Pacific and European markets helped its first-quarter profits rise 19% but said that it doesn't expect an improvement in the United States until later this year.
Tiffany said profits totaled $64.4 million in the three-month period ended April 30 compared with $54.08 million from the year before. Sales rose 12% to $668.15 million from $595.7 million in the year-ago period.
Total sales in the Americas region, which includes the United States, Canada and Latin and South America, rose 6% to $373.6 million from $353.3 million last year due to incremental sales from new stores.
Same-store sales rose 16% in Tiffany's