Tiffany has reported very strong second quarter profits on the back of high demand from Europe and Asia.

Sales in Europe increased due to local demand with increases of 35 per cent alongside 17 per cent rises in the Asia-Pacific region during the second quarter.

The firm is launching a new advertising campaign including magazines, newspaper, online and outdoor marketing and it will increase the number of stores in China, Belgium, Ireland and Spain.

Tiffany spokesman Mark Aaron said that rising platinum and silver prices have forced the firm to increase its prices.

"We've selectively increased retail prices to address these rising costs," he was reported by Bloomberg as saying.

Tiffany revealed that demand for jewellery was strong with engagement rings, fashion jewellery and designer pieces all performing well.

Meanwhile, rival firm Zale saw smaller than expected losses in its fourth quarter.

It said that it was simplifying its offering to reduce its inventory by $100 million.



Source:

Tiffany profit shines on strength in Asia, Europe, 28/08/08
http://www.marketwatch.com/news/story/tiffany-profit-sparkles-gains-europe/story.aspx?guid={5BFF9A12-D201-48F4-A404-2952C6DACC29}&dist=msr_5

Tiffany, Zale Surge on Higher Annual Forecasts, 28/08/08
http://www.bloomberg.com/apps/news?pid=20601103&sid=aM.nyFLkl_Is&refer=us