NEW YORK - Tiffany says its fourth-quarter net income edged up less than 1 percent, but still beat Wall Street predictions as strong customer demand in Asia for its pricey baubles offset weakness in the U.S.
The upscale jewelry company also offered an annual sales outlook that topped analysts' estimates, and its shares rose more than 4 percent in premarket trading Friday.
The results, which include the critical holiday season, show Tiffany's resilience even as it faces challenges in the U.S. and a fiscal crisis in Europe.
For the quarter ended Jan. 31, Tiffany earned $179.6 million, or $1.40 per share. Revenue rose 4 percent to $1.24 billion. Analysts polled by FactSet expected earnings of $1.36 per share on $1.25 billion in revenue. In the Asia-Pacific region, total sales rose 13 percent to $254 million in the fourth quarter and 8 percent to $810 million in the full year.