U.S. luxury jeweler Tiffany posts first sales rise in eight quarters. Tiffany & Co reported its first rise in sales in eight quarters as strong sales in Japan and China more than offset a decline in the United States, its biggest market.

Shares of the company, which makes the iconic ?Tiffany Setting? diamond engagement ring, rose 3.7 percent to $81.00 in light premarket trading on Tuesday.
?Our business in Japan performed well, which we attribute to spending by domestic consumers,? Chief Executive Frederic Cumenal said in a statement. Sales in China rose by ?double-digits,? Tiffany said.
Sales at established stores fell 2 percent in the third quarter ended Oct. 31. Analysts on average had expected a 2.8 percent drop, according to research firm Consensus Metrix.
Tiffany?s net sales rose slightly to $949.3 million from $938.2 million a year earlier. Net income rose 4.5 percent to $95.1 million or 76 cents per share.
Courtesy CPP-Luxury.com

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