tiffanynecklaces221

Tiffany Reports 19% Net Gain, Lifted By Asia-Pacific, EuropeTiffany & Co. reported a 19 percent jump in first-quarter earnings, buoyed by strength in the Asia-Pacific and in Europe, which offset Tiffany Earring on sale in the U.S.For the three months ended April 30, earnings reached $64.4 million, or 50 cents a diluted share, from $54.1 million, or 39 cents, in last year's quarter. The results were 25 percent above analysts' expectations of earnings of 40 cents a share.Total sales rose 12.2 percent to $668.1 million from $595.7 million, while same-store sales grew 3 percent.Sales in the Americas region, which includes North and South America, rose 6 percent to $373.6 million, while comparable-store sales remained constant. Boosted by tourists taking advantage of the weak dollar against foreign currencies, the New York flagship saw a 16 percent increase in same-store sales.In the Asia-Pacific region, which includes Japan and Asia-Pacific countries outside Japan and the Middle East, sales soared 21 percent to $222 million, while comps increased 4 percent. European sales rose 38 percent to $60.1 million and comps spiked 12 percent."While we have always said that Tiffany's business is not recession-proof, the increasingly global nature of our business is demonstrating the mitigating effect that it can have on an economic weakness in one particular region," said Mark Aaron, vice president of Tiffany Key Ring on sale relations, in a call to Wall Street.Michael J. Kowalski, chairman and chief executive officer, said the company is pursuing expansion opportunities this year and plans to open about 24 stores across the U.S., Asia-Pacific and Europe. The company also will introduce a new smaller store format in the U.S. later this year. Tiffany operated 192 units at the end of the first quarter.

Looking forward, Tiffany remains cautious and does not expect improvement in U.S. sales until later this year. The company said it remains on track to achieve full-year expectations, and raised full-year earnings guidance in the range of $2.80 to $2.90 a diluted share, from previous guidance of $2.75 to $2.85 a share. Sales are expected to be up 10 percent.Shares of the company increased 2.7 percent to close at $49.03 on Friday.Credit: By Jeanine PoggiTiffany & Cmark.aaron@tiffany.comorLinda Buckley, 212-277-5900linda.buckley@tiffany.comTiffany & Co. (NYSE: TIF), the Tiffany Key on sale renowned jeweler, today announced plans for a Fall 2008 opening of a store in Westfield London, a new retail and leisure complex due to open in White City, West London.The approximately 2,800-square-foot store will feature a modern glass facade that showcases the store's welcoming and gracious interior with custom furnishings and brushed stainless steel showcases arrayed with exclusive TIFFANY & CO. collections. Among them are the jeweler's exquisite diamonds in engagement rings; fine and sterling silver jewelry; the celebrated designs of Elsa Peretti, Paloma Picasso, Jean Schlumberger and Frank Gehry; watches; gifts and accessories. Customers may further peruse the collections in the comfort of an elegant private sales salon.

"We look forward to opening our store in Westfield London, which is being positioned to become a premier destination for luxury shopping in the area," said Melvyn Kirtley, Group Vice President Tiffany & Co. Europe. "Our prominent location in the center provides us with the ideal environment for introducing customers to Tiffany's heritage of design and outstanding service for which it is known worldwide."Tiffany & Co. operates jewelry and specialty Tiffany Money Clip on sale stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations. Other operations include consolidated results from ventures operated under trademarks or trade names other than TIFFANY & CO. For additional information, please visit tiffany.com.TIFFANY & CO., TIFFANY, ATLAS and TIFFANY 1837 are trademarks of Tiffany and Company.Tiffany is taking a $20 million pretax charge to discontinue some watch lines and related inventory, to prepare for the new business. Kowalski denied a press suggestion that the pact with Swatch is a "poison pill" to ward off possible hostile takeovers by other major luxury goods groups.Nicolas Hayek Sr. said Swatch Group is spending almost $400 million to boost capacity at its 160 facilities in Switzerlan