Sparkling Results

Tiffany & Co. (New York) reported higher sales and earnings in its most recently completed quarter. The high-end jewelry and specialty retailer also said uncertainty caused by the war in Iraq and the SARS outbreak continues, but that it is on track to meet its full-year sales and profit projections.

Net sales in Tiffany's fiscal first quarter ended April 30 rose 14 percent, to $395.8 million, and sales at stores open at least a year increased 0.4 percent. Tiffany said international sales climbed 12 percent to $165.5 million. Three-quarters of the increase was due to the strength of foreign currencies against the dollar. (A weak dollar makes U.S. goods less expensive overseas.)

Tiffany also said sales in U.S. stores climbed 5 percent to $173.6 million, with comparable-store sales up 2 percent. However, sales at the company's flagship store in New York fell 5 percent.

As for profits, Tiffany posted net earnings of $35.9 million for its most recent quarter. That's up from $32.7 million a year earlier.

Tiffany's expansion plans for 2003 include the recent opening of a store in Walnut Creek, Calif., and upcoming openings in Palm Desert, Calif., in the Hong Kong airport and in Sao Paulo, Brazil.