Tiffany & Co (TIF) Profit And Sales Surge

Tiffany & Co TIF on Thursday morning released financial results that easily beat Wall Street expectations. Tiffany & Co reported that its 1st quarter net earnings more than doubled to $64.4 million, or 50 cents per share, up from $24.3 million, or 20 cents per share, a year earlier. Tiffany & Co also reported that net sales climbed 22% to $633.6 million, up from $517.6 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 37 cents per share. Tiffany & Co forecast full-year 2010 net earnings from continuing operations of $2.55 to $2.60 per share, on a sales increase of 11%.