Tiffany & Co reports high quarterly profit and soared sales

Tiffany & Co. (NYSE: TIF), a U.S. jewelry and silverware company, announced a 19% increase of its first-quarter profit to $64.4 million, or 50 cents a share, from $54.1 million, or 39 cents, a year earlier, and a 12% growth of revenue to $668.1 million, partly due to successful international sales.

European sales increased 38 percent in the latest quarter, while Asia has brought a 21 percent increase. Revenue from Tiffany's main New York store rose 16 percent as foreign tourists bought jewelry.

Tiffany shares soared $1.23, or 2.6 percent, to $48.97 at 12:09 p.m. in New York Stock Exchange composite trading. Earlier the shares rose to $49.98.

The numbers spurred the company to make the forecast that its full-year profit will be 2.80 to $2.90 a share, 5 cents higher than its earlier forecast.