UPDATE: Tiffany Reports Upbeat Q2 Earnings, Lifts Forecast

Tiffany & Co TIF reported upbeat second-quarter results and raised its forecast for the year. Tiffany's quarterly profit climbed 33% to $90 million, or $0.69 per share, from $67.7 million, or $0.53 per share, in the year-ago period. Its sales surged 30% to $872.7 million. Its adjusted earnings rose 58% to $0.86 per share. However, analysts were expecting adjusted earnings of $0.70 per share on sales of $785.6 million. Tiffany raised its earnings outlook for the year to a range of $3.65 to $3.75 per share, from $3.45 to $3.55 per share. Analysts expected earnings of $3.55 per share for the year. Tiffany shares jumped 6.16% to $67.00 in pre-market trading.