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2009-01-06 01:54

Tiffany posts higher first-quarter profit

NEW YORK (Reuters) - U.S. jeweler Tiffany & Co (TIF.N: Quote, Profile, Research) reported a higher quarterly profit on Friday, boosted by strong sales in international markets, which pushed modest domestic sales to the backseat.

The net profit came to $64.4 million or 50 cents a share, in the quarter that ended Apr. 30, compared to $54.1 million or 39 cents a share in the year-earlier period.

While Tiffany, like more mid-tier rivals such as Zale Corp (ZLC.N: Quote, Profile, Research) or Finlay Enterprises (FNLY.O: Quote, Profile, Research), has also gone through a rough patch due to the weak U.S. economy, the jeweler said earlier in May that the year had gotten off to a “promising start.”

[Source]

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