Tiffany & Co (TIF.N) said fourth-quarter profit of the company was higher than the preliminary estimates because of the heavy demand for jewelry in Japan and China sending the company's shares to a 19-month high in morning trading on Friday.
"Sales of jewelry prices under $500 were higher in this quarter, and the company will continue to increase its offerings in the category," said Michael Kowalski, Tiffany & Co Chairman.
Tiffany's sales in America fell 3% to $587 million for the quarter ended January 31.
Net sales rose 1.3% to $1.23 billion in the quarter, from $1.21 billion a year earlier, showing growth for the second year in a row.
Net profit fell to $157.8 million, or $1.26 per share, from $163.2 million, or $1.28 per share, a year earlier.
Analysts on average had expected a profit of $1.38 per share and sales at $1.22 billion.