Tiffany's 2Q Earnings Skyrocket on SalesNEW YORK - Tiffany & Co., a retailer of fine jewelry, crystal and china, said Wednesday its earnings rose 53 percent in the second quarter due to higher sales and a lower tax rate, and the company boosted profit guidance for the full year.
Net income grew to $50.6 million, or 35 cents per share, from $33.1 million, or 22 cents per share, a year ago.
As a result of the American Jobs Creation Act of 2004, the effective tax rate was lower in the latest quarter than in the prior year, and boosted profit by 5 cents per share.
The reason I bolded that last sentence in the Tiffany’s blurb is because while a nickel per share increase doesn’t sound like a whole hell of a lot, in this case
Tiffany’s made $7.2 million dollars additional profit in the last quarter alone off a tax break in the
American Jobs Creation Act of 2004!
"In other news, the
ranks of the poor rose 1.1 million bringing the total number of non-Tiffany's shoppers living in poverty to 37 million..."