Tiffany 1Q results rise, tops expectations

Tiffany & Co. says its first-quarter net income rose 3 percent as sales improved across all regions.

The high-end jewelry company known for its blue boxes earned $83.6 million, or 65 cents per share, for the period ended April 30. That's up from $81.5 million, or 64 cents per share, a year ago.

Excluding costs tied to staff and occupancy cuts, earnings were 70 cents per share. This easily beat the 53 cents per share analyst expected.

Revenue for the New York company rose 10 percent to $895.5 million from $819.2 million, topping Wall Street's $855.7 million estimate.

For the second quarter, Tiffany anticipates earnings will be equal to the prior-year period's 72 cents per share. Analysts expect 79 cents per share.

But Tiffany reaffirmed its fiscal 2013 earnings forecast on Tuesday.