Earlier this week, Tiffany & Co. (NYSE: TIF) announced its financial results for the first quarter ended April 30, 2018. Shares of the company jumped 17% after the announcement on Wednesday, which was the best level since 2001.
The company reported its revenue of $1.0 billion, increasing 15% for the first quarter. The result beat analysts’ estimates of $959 million. In addition, same-store sales increased 10% for the first quarter, also beating expectations of 3.5%.
Net income for the first quarter, according to the company, was $142.3 million, or $1.14 per share, which increased from $92.9 million, or 74 cents per share, for the same period of last year. The results also surpassed analysts’ estimates of 83 cents per share.
“We are very pleased with this start to the fiscal year, and we are particularly encouraged by the breadth of sales growth across most regions and all product categories,” Alessandro Bogliolo, the Chief Executive Officer of the company, said in the statement this week.
“In line with the priority of renewing our product offerings, we are excited about the recent unveiling of PAPER FLOWERS, a major collection in platinum and diamonds, ranging from fine to high jewelry. Additions to existing product collections will follow throughout the year,” he continued.