TIF reports strong earnings, but stock unresponsive.

Tiffany's stock rose as the company reported an impressive 18% yoy net sales increase for the quarter. Comparable store sales (sales at stores open for a year or more) also increased by 8% in the US and by 10% abroad. The increase was driven by revenue from a real estate sale-leaseback of Tiffany's Tokyo flagship store, and strong demand for diamond and silver jewelry. Tiffany continues its aggressive expansion campaign, opening 3 new US stores and 6 international stores in the quarter. However, gross margin did fall by 0.5% due to an increase in wholesale diamond sales--a trend that could have a negative impact on Tiffany's revenues if it continues.

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