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.