Jeweler Tiffany (NYSE:TIF) reported third-quarter earnings this morning, and the results easily exceeded expectations. Shares have risen as much as 8% today as investors embraced the news.

The 137-year-old retailer earned $94.6 million for the quarter, which came to $0.73 per share. That's a nearly 50% jump from the year-ago quarter. Analysts had expected earnings per share of $0.58. Sales climbed across most regions, with a staggering 27% jump in the Asia-Pacific. The company also raised its earnings guidance for the fiscal year, and now expects $0.65 to $0.75 in adjusted EPS, $0.15 higher than previously announced. 

Motley Fool analyst David Hanson thinks Tiffany turned in a strong quarter, with a nice increase in same-store sales. Going forward, David expects growth for Tiffany will primarily come from international expansion. However, he thinks that very growth is already priced into shares. At a P/E ratio nearing 26, Tiffany stock clearly isn't a bargain.

David Hanson has no position in any stocks mentioned. Erin Kennedy has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.