Tiffany & Co. (NYSE: TIF) reported Q1 EPS of $0.81, $0.11 better than the analyst estimate of $0.70. Revenue for the quarter came in at $962 million versus the consensus estimate of $924.3 million.

Net sales highlights by region were as follows:

• In the Americas, on a constant-exchange-rate basis total sales rose 3% and comparable store sales were 1% above the prior year. This reflected higher sales to U.S. customers offset by lower foreign tourist spending in the U.S. which management attributes to the strong U.S. dollar, as well as healthy sales growth in Canada and Latin America. As reported in U.S. dollars, total sales rose 1% to $444 million.
• In the Asia-Pacific region, sales on a constant-exchange-rate basis increased 4% in total and 2% on a comparable store basis. There was noteworthy sales growth in China, Australia and Singapore, but meaningful sales declines in Hong Kong and Macau. As reported in U.S. dollars, total sales declined 1% to $259 million.
• In Japan, on a constant-exchange-rate basis total sales declined 18% and comparable store sales declined 24%. However, the declines reflected difficult comparisons to strong growth in last year’s first quarter when comparable store sales had surged 30% due to consumer demand prior to an increase in Japan’s consumption tax on April 1, 2014. As reported in U.S. dollars, total sales in Japan declined 30% to $122 million.
• In Europe, on a constant-exchange-rate basis total sales increased 21% and comparable store sales increased 17% due to growth across continental Europe reflecting robust spending by foreign tourists as well as higher sales to local customers. As reported in U.S. dollars, total sales in Europe increased 2% to $103 million.
• Other sales on a constant-exchange-rate basis rose 1% and comparable store sales on that same basis were unchanged from the prior year. As reported in U.S. dollars, Other sales declined 6% to $35 million.
• Tiffany opened three Company-operated stores in the first quarter: two in China in Shanghai and Hangzhou and one in the U.S. in Miami. At April 30, 2015, the Company operated 298 stores (123 in the Americas, 75 in Asia-Pacific, 56 in Japan, 38 in Europe, and included in Other sales are five in the United Arab Emirates and one in Russia), versus 292 stores a year ago (121 in the Americas, 72 in Asia-Pacific, 55 in Japan, 38 in Europe, and five in the U.A.E. and one in Russia).

Outlook for 2015:

For the fiscal year ending January 31, 2016, management continues to forecast minimal growth in net earnings per diluted share from the $4.20 (excluding charges) earned in fiscal 2014. This forecast anticipates net earnings in the second quarter declining at a more moderate rate than in the first quarter, followed by expected double-digit percentage net earnings growth in the second half of the year. This forecast reflects no material changes from the previously-disclosed (on March 20, 2015) assumptions for sales growth, store openings, earnings from operations, interest and other expenses, net, the effective tax rate, net inventories, capital expenditures and free cash flow, all of which are approximate and may or may not prove valid.

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