Tiffany Shines in 1Q

Jewelry and gifts cataloger/retailer Tiffany & Co. (NYSE: TIF) ended its fiscal first quarter with double-digit gains on both sides of the ledger. Net sales for the three months ended April 30 were $395.8 million, up 14% from $347.1 million for the first quarter of last year. Net income increased 10%, to $35.9 million from $ 32.7 million.

The New York-based company says its direct marketing business, which includes sales from the Internet, catalogs, and the corporate division, rose 10%, to $37.3 million from $33.8 million last year. Combined Internet/catalog sales increased 22%, based largely on Web sales, while business sales declined 3%. U.S. retail sales in the first quarter rose 5%, to $173.6 million. Comparable store sales increased 2%, thoug sales at the New York flagship store declined 5%.