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Tiffany ups FY'18 forecast, OKs share buyback after strong fiscal Q1 profit

Tiffany & Co. reported a strong 53% year-over-year rise in net earnings in the fiscal first quarter ended April 30, which allowed the U.S. jeweler to raise its earnings guidance for fiscal year 2018 ending Jan. 31, 2019, to a range of $4.50 to $4.70 per share from between $4.25 and $4.45 a share forecast earlier this year.

In the three-month period, the U.S. jeweler's net earnings grew to $142 million from $93 million in the year-ago period due to a 15% year-over-year jump in net sales, higher operating margin and lower effective tax rates. The company's net sales in the period grew to $1.03 billion from $899.6 million in the year-ago period.

The company reported diluted earnings per share of $1.14 in the three months, up from the 74 cents per share a year ago, outperforming the S&P Capital IQ consensus estimate for normalized EPS of 83 cents.

The jeweler approved a new repurchase program of up to $1 billion of its common stock through open market transactions or private deals. The program will expire Jan. 31, 2022, and will replace its existing buyback program announced in January 2016. The company's board approved an accelerated repurchase of $250 million of its common shares, which it expects to enter at the end of the fiscal quarter ending July 31.