Easing worries that demand may be slowing from affluent individuals, luxury jewelry retailer Tiffany & Co. gave a better-than-expected full-year outlook Tuesday, leading its shares to be the best performer in the S&P 500 index. TIF 72.95, -0.32, -0.44% DJLUX 1,666.93, -20.10, -1.19% 60%40%20%0%-20% AMJJASON12FM The Manhattan-based company TIF -0.44% forecast profit this year of $3.95 to $4.05 a share with sales rising about 10%, driven by growth in Asia and the Americas. Analysts, on average, were looking for profit of $3.93 a share with sales rising 7%, according to estimates compiled by FactSet Research. It also said demand improved in January after a disappointing holiday in November and December. “While it is obviously still quite early in this new fiscal year, we are pleased that worldwide sales growth is tracking in line with our internal expectations,” said Chief Executive Michael Kowalski. “Our expansion strategies and spending plans are appropriately prudent and will ultimately contribute to strong relative performance within the luxury jewelry industry.” Tiffany’s shares rallied 7.3% in late morning trading, the biggest percentage gainer in the S&P 500. “Solid results and healthy guidance should assure investors that Tiffany’s surprising holiday sales deceleration was not first shoe to drop in an ugly downturn for global luxury and premium brand companies,” said ISI Group analyst Omar Saad.
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