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Strong demand for jewelry Tiffany & Co. in Japan and China

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.

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