Tiffany & Co. posted net earnings of $80.8 million for the second quarter, a 21% increase over $66.7 million in the prior year.
The jewelry marketer reported net sales of $732.4 million for the quarter ended July 31, an 11% increase over $662,5 million last year.
The New York firm said that combined Internet and catalog sales in the U.S. declined 4% in the quarter.
The firm said gross margin increased 57.8% in the quarter . Management attributed this in part to “favorable changes in geographic and product sales mix, as well as sales leverage on fixed costs.”
In addition, the company said its selling, general and administrative expenses rose 13% during the quarter, largely because of higher marketing expenses and incremental costs related to new stores and as some translation effect from foreign currencies. SG&A expenses as a percentage of net sales were 39.8% in the second quarter, compared with 39.1% last year.
