Tiffany sees 2012 sales up 10 percent

By @ibtimes on

Tiffany & Co forecast higher fiscal-year results on Tuesday, helped by its expansion in Asia and the Americas and sales that so far are in line with its projections.

Tiffany expects fiscal-year revenue to be up 10 percent, with a profit of between $3.95 and $4.05 per share.

The high-end jeweler's net sales increased 7 percent in the fourth quarter ended on January 31, excluding the impact of currency fluctuations. Sales at stores open at least a year rose 5 percent.

Tiffany reported net income of $178.4 million, or $1.39 per share, for the quarter, down from $181.2 million, or $1.41 per share, a year earlier. That was also below the $1.42 per share that Wall Street analysts were expecting.

(Reporting by Phil Wahba in New York; Editing by Lisa Von Ahn)

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