Tiffany raises 1st-quarter guidance

By Associated Press May 15, 2008 Comments (0)

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Tiffany & Co. said it will surpass its earnings guidance in the first quarter and raised its quarterly dividend by 13 percent.

The New York jewelry retailer said it will earn more than the 39 cents per share it earned last year due to a "promising start to the year." Previously, Tiffany expected profit to roughly equal year-ago results.

Analysts polled by Thomson Financial predicted a profit of 39 cents per share.

The company increased its quarterly dividend by 2 cents, or 13 percent, to 17 cents. The dividend is payable July 10 to shareholders of record as of June 20.

Tiffany shares rose $3.03, or 6.6 percent, to $48.88.

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