Tiffany & Co. rose as much as 6.5 percent after improving sales in China and Japan signalled that the worst of the global luxury market?s downturn may be over.

NEW YORK, United States ? Tiffany & Co. rose as much as 6.5 percent after improving sales in China and Japan signalled that the worst of the global luxury market?s downturn may be over.
Better-than-expected earnings followed an upbeat report from LVMH and Kering SA, the owner of Gucci. Still, not everyone in the industry is optimistic. Richemont, the maker of Cartier jewellery, reported a 51 percent drop in first-half profit this month, and Swiss watch exports are suffering their worst slide in seven years.
Tiffany had been contending with weaker spending in Asia and slower tourism after terrorist attacks in Paris. The jeweller responded by introducing more products and trying to keep its costs and inventory in check. ?The results are definitely better,? said Seema Shah, an analyst at Bloomberg Intelligence. ?It?s a good sign.?
The shares climbed as high as $83.25 in early trading New York. Tiffany had advanced 2.4 percent this year through Monday.
Earnings were 76 cents a share in the period ended October 31, the New York-based company said in a statement Tuesday. Analysts projected 68 cents, on average.
Revenue rose 1.2 percent to $949.3 million, topping analysts? $922.6 million average estimate. Sales at the company?s stores open for more than 12 months fell 3 percent on a constant-currency basis. Analys...