American jeweler Tiffany, the world's second largest jewel retailer, has outperformed analysts' expectations for its second quarter and has increased its forecast
Tiffany's net profit grew from 106.8 million dollars (81 million euro) to 124.1 million dollars (94 million euro) in its second quarter. It managed 992.9 million dollars (750 million euro) in sales, a 7.2 % increase and better than analysts' expectations at 987.8 million dollars.
CEO Michael Kowalski, who will be succeeded by Frederic Cumenal on 1 April 2015, has tried to freshen up the company's image, by adding new designs, remodeling stores and changes in management. That has clearly worked as Tiffany draws in more customers that keep buying items, despite higher prices.
Analysts expect Tiffany to perform well in the fall and winter of 2014, thanks to new collections from its design director Franscesca Amfitheatrof.