Tiffany shares jump by 9.4 percent at NYSE
Jeweler Tiffany & Co. climbed up by $5.90 in N. Y. Stock Exchange. The company declared a growth of 11 percent this year and owes its profit to mounting bullion prices and higher sales in the Asia-Pacific region.
World’s second-biggest luxury jewelry merchant, Tiffany & Co., earned its maximum profit in last two years and also raises its current year’s profit estimates, confirmed company reports.
At 4 p.m. Tiffany’s shares climbed to $69.01, rising $5.90 in New York Stock Exchange composite trading. The $5.90 or 9.4 percent growth is the maximum gain since Aug. 28, 2009.
Sales grew despite higher bullion prices
New-York based luxury jeweler said the buyers showed positive response despite product price rise by the company to countervail higher cost of bullion worldwide.
Chief Financial Officer, Patrick McGuiness announced at a company conference that the volatility in the stock market has not hurt company sales in the current quarter.
David Schick, an analyst at Stifel Nicolaus & Co. in Baltimore said in this context, “When you have a brand as powerful as Tiffany and they execute, this is what you get… They are clearly taking share and executing well.”
Tiffany’s global sales increase
Declaring the company sales, Chief Executive Officer, Michael Kowalski also revealed that the precious metals and gem sales globally will rise between the rates of 12 to 20 percent, sales in Asia-Pacific region will increase at least by 30 percent and in Europe, at 20 percent.
Overall, Tiffany’s stock earned 11 percent growth this year and the profit for the current year ending Jan. 2012 will rise from the earlier estimates by .25 percent to reach $3.75 a share.
Tiffany & Co. is the second largest luxury jewelry merchant and is second only to Cie. Financiere Richemont SA. As of July 2011, Tiffany runs 236 stores across the world.