Tiffany & Co. is experiencing a major growth recently with shares up 18.3 percent on Wednesday, following reported earnings of $1.14 per share, according to CNN Money. This is an increase over the 83 cent FactSet consensus.
Sales for the company were $1.03 billion, also moving past the $959 million FactSet outlook. Tiffany also saw a same-store sales growth of 10 percent above the 7 percent increase that FactSet gave.
The increase in shares is the result of innovative design and fresh new collections that have put the jewelry retailer back in the driving seat with earnings that were better than expected for the year. New to the company are the Paper Flowers collection which ranges from $2500 to $75,000 and the HardWear series that is priced from $150 to $13,500.
The luxury brand has also renewed its focus on its Tiffany name. The company also announced a new share buyback program of $1 billion and has plans to revamp its stores. The company’s shares are up a total of 17 percent for the year.
Analysts are optimistic about the changes the retailer is making. Instinet has rated company shares at $115, and Wells Fargo rated the brand $125 per share from $100 previously.