UPDATE: Tiffany Posts Higher FQ4 Profit

Tiffany & Co

reported a rise in its fiscal fourth-quarter profit. Tiffany's quarterly profit climbed to $179.6 million, or $1.40 per share, versus $178.4 million, or $1.39 per share, in the year-earlier period. Its net sales surged to $1.24 billion from $1.19 billion. However, analysts were expecting earnings of $1.36 per share. Tiffany projects 2013 global net sales to rise 6% to 8% and earnings from operations to increase 6% to 9%. Tiffany shares gained 3.81% to $70.50 in pre-market trading.