Asia and Europe drag Tiffany's sales. Growing profits (+26%) in the first quarter

Tiffany & Co closed the first quarter of the fiscal year with a 26% increase in earnings thanks to its growing international presence and strong growth in emerging markets. The stock responded by climbing to $76.03 on Wall Street. Estimates for the current year have been revised upwards. Sales growth was strong across all continents, led by Asia-Pacific (+37%), followed by Europe (+25%) and America (+19%). Even in Japan, where last quarter stores discounted a period of forced closure caused by the earthquake, there was growth (+7%) albeit more modest than elsewhere. The bulk of the profits was achieved thanks to the growing propensity to spend by high-end customers, while silver products at more affordable prices, thanks to the difficulties experienced by the middle classes in the United States, faced a less euphoric climate destined to endure. In the first three months of its year, the jewelry giant achieved earnings per share of $0,63. Tiffany forecasts full-year sales growth of 15-17% and raised its earnings-per-share forecast by 10 cents to $3,45-3,55.