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Tiffany & Co. profit beats consensus by 19.1% in fiscal Q1

Tiffany & Co. said its normalized net income for the fiscal first quarter ended April 30 amounted to 93 cents per share, compared with the S&P Capital IQ consensus estimate of 78 cents per share.

EPS increased 38.9% year over year from 67 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $120.9 million, a gain of 40.4% from $86.1 million in the prior-year period.

The normalized profit margin increased to 11.9% from 9.6% in the year-earlier period.

Total revenue climbed 13.0% on an annual basis to $1.01 billion from $895.5 million, and total operating expenses grew 7.7% on an annual basis to $802.3 million from $744.9 million.

Reported net income increased 50.8% year over year to $125.9 million, or 97 cents per share, from $83.5 million, or 65 cents per share.