Buoyed by a 23% hike in U.S. retail sales, Tiffany & Co. has realized a 15% increase in first-quarter revenue to $456.9 million. Net earnings rose by 12% to $40 million, compared with the same period last year.
Direct marketing sales fell by 1% to $36.8 million, but there was an explanation.
E-commerce and catalog sales rose by 15%. But business sales fell by 24% because of a decision by Tiffany last year to discontinue service-award program sales.
CEO Michael J. Kowalski said in a statement that
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