NEW YORK (AP) Tiffany & Co.'s third-quarter net income climbed 50 percent, buoyed by strong sales in the Asia-Pacific region.
Its performance topped Wall Street's expectations, and the luxury retailer on Tuesday raised its full-year adjusted earnings forecast above analysts' estimates. Shares climbed almost 8 percent trading on the news.
Tiffany's results come as the holiday shopping kicks off into high gear later this week. The jewelry chain is considered a barometer of luxury spending. The latest results show that the affluent continue to spend, bolstered by a stock market that is reaching new highs.
"Despite the obvious economic and consumer uncertainties in some regions, our management team see great opportunities ahead of us," Jim Fernandez, Tiffany's executive vice president and chief operating officer, told investors
Chairman and CEO Michael Kowalski said in a statement that shoppers are responding well to its expanded fashion jewelry designs, which includes the Atlas collection. He said that the company is also experiencing improved sales of fine and statement jewelry, with particular strength in its yellow diamond collection.