UPDATE: Tiffany Posts Higher Q2 Profit, Lifts Full-Year Outlook

Tiffany & Co

reported a 16% rise in its fiscal second-quarter net income. Tiffany's quarterly earnings surged to $106.8 million, or $0.83 per share, from $91.8 million, or $0.72 per share, in the year-ago period. Its revenue rose 4% to $925.9 million from $886.6 million. However, analysts were expecting earnings of $0.74 per share on revenue of $941.5 million. Its revenue at stores open at least a year climbed 5%. Tiffany now projects FY13 earnings of $3.50 to $3.60 per share, versus its earlier forecast of $3.43 to $3.53 per share. However, analysts were expecting earnings of $3.54 per share. Tiffany shares gained 1.63% to $83.00 in pre-market trading.