UPDATE: Tiffany Posts Higher Q1 Profit

Tiffany & Co

reported a rise in its first-quarter profit. Tiffany's quarterly profit surged to $83.58 million, or $0.65 per share, versus $81.53 million, or $0.64 per share, in the year-ago period. Its adjusted earnings came in at $0.70 per share. Its revenue increased to $895.48 million from $819.17 million. However, analysts were estimating earnings of $0.53 per share on revenue of $855 million. Tiffany maintained its full-year earnings forecast of $3.43 to $3.53 per share. Tiffany shares closed at $76.21 on Friday.