Tiffany doubles 2Q profit on strong sales overseas

August 28, 2008 8:20:32 AM PDT
Jewelry retailer Tiffany says second-quarter profit doubled, beating Wall Street expectations as sales rose by double-digit percentages in Asia and Europe. The New York-based Tiffany & Co. said Thursday it earned $80.8 million, or 63 cents per share, in the three-month period ended July 31. That compares with $40.5 million, or 29 cents per share, in the year-ago period.

Revenue rose 11 percent to $732.4 million from $662.6 million in the year-ago period.

Analysts surveyed by Thomson Reuters expected profit of 55 cents per share on revenue of $721 million. Those estimates typically exclude one-time items.

The company also raised its outlook for earnings in 2008.