Strong oversease sales boost Tiffany

NEW YORK Tiffany & Co.'s (TIF) third-quarter net income climbed 50 percent, buoyed by strong sales in the Asia-Pacific region.

Its results topped Wall Street's view, and the luxury retailer raised its full-year adjusted earnings forecast. Its shares climbed 6 percent in premarket trading. The jewelry chain earned $94.6 million, or 73 cents per share, for the three months ended Oct. 31. That compares with $63.2 million, or 49 cents per share, a year ago. Revenue rose 7 percent to $911.5 million from $852.7 million, with Asia-Pacific sales up 27 percent.

"Operating earnings rose faster than sales, reflecting favorable product cost trends and ongoing well-controlled expenses," said Tiffany CEO Michael Kowalski in a statement.

Analysts polled by FactSet expected earnings of 58 cents per share on revenue of $888.4 million. Revenue at stores open at least a year, a key indicator of a retailer's health, increased 7 percent. Analysts projected a 4.5 percent increase.