TIF’s Q1 Earnings More Than Doubles; Surpasses Street View

The upscale jewelry retailer Tiffany & Company TIF announced that its profit for the fiscal Q1 ended April 30 has more than doubled as luxury spending increased across the world. The New York-based company has said that its profits have climbed to $64.4 million, or $0.50 a share from $24.3 million, or $0.20 a share in Q1 2009. TIF’s quarterly sales have surged 22% to $633.6 million, as compared to $517.6 million in the prior year. The company’s comparable store sales appreciated 10%. Tiffany & Company has upped its 2010 profit outlook to $2.55-$2.60 a share from the previous forecast of $2.50 a share. Wall Street analysts were expected the company to earn $0.36 a share in Q1 and $2.49 for 2010. TIF closed at $43.59 yesterday, up 2.32%. Read more from Benzinga's Company news.