The sales increase was Tiffany’s first in eight quarters.
Stronger-than-expected quarterly results from Tiffany & Co. could be a good sign for the luxury industry in general, Bloomberg reports.
For the quarter that ended Oct. 21, the jewelry company reported earnings of 76 cents per share. Analysts had, on average, predicted only 68 cents per share, the news service notes.
Revenue, at $949.3 million, also beat the expectations of analysts, who had projected $922.6 million. Higher sales in China and Japan accounted for much of the increase.
Net sales in the Americas, meanwhile, fell 2 percent, Bloomberg reports.
Reuters noted that the overall sales increase was the first for Tiffany in two years.
According to Bloomberg, the results “signaled that the worst of the global luxury market’s downturn may be over.”
But Mark Erceg, the company’s chief financial officer, said the company would “like to see several quarters of sales acceleration before making any conclusion about turning global luxury spending.”