Tiffany & Co.'s second-quarter net income rose 19 percent on higher (revenue) as shoppers bought more of its high-end (jewelry) around the world, particularly in Asia and Europe.
The chain known for its trademark turquoise boxes raised its full-year earnings (guidance) to a range partly above analyst estimates. CEO Michael Kowalski said Tiffany looked (forward) to the second half "with a sense of guarded optimism."
Net income met expectations but revenue (fell) short, and it said third-quarter growth would be "somewhat restrained" because of higher marketing spending. The luxury industry is (recovering) from the recession, which spurred shoppers — even at the high-end — to spend less as they grappled with (uncertain) investments and employment prospects.