Tiffany 1st-quarter net income jumps 50 per cent on strong global sales and plush margins

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In this Monday, May 19, 2014 photo, shoppers walk by Tiffany & Company\'s Fifth Avenue store in New York. The upscale jeweler known for its blue boxes reports earnings Wednesday, May 21, 2014. (AP Photo/Mark Lennihan)

NEW YORK, N.Y. – Tiffany & Co. is reporting a 50 per cent spike in first-quarter earnings as worldwide sales jumped by double digits and the company boosted prices.

Tiffany beat expectations and raised its earnings guidance for the year, sending shares up more than 5 per cent before the opening bell Wednesday.

The jeweler known for its iconic turquoise gift boxes says net income rose to $125.6 million, or 97 cents per share. That’s way better than the 78 cents per share Wall Street was looking for and up from $83.6 million, or 65 cents per share, last year.

Revenue climbed 13 per cent to $1.01 billion, also topping estimates.

Tiffany now expects full-year net income of $4.15 to $4.25 per share, up from $4.05 to $4.15 per share previously. Analysts expect $4.19 per share.

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