Tiffany & Co. Profits, Shares Jump

May 27, 2010 Updated: May 27, 2010

Luxury goods jeweler Tiffany & Co. said on Thursday that fiscal first-quarter profits jumped to $64.4 million, or 50 cents per share, from the $24.3 million reported a year earlier.

Tiffany attributed the higher sales to the rebound of the global economy and consumer appetite for luxury goods.

In a conference call with Wall Street analysts on Thursday, CFO Jim Fernandez said that the company has made reasonable projections on profits for the rest of the year, and reiterated that Asian sales would drive the company's growth.