Tiffany’s Profit Rises 37% on Strong U.S. Sales

Luxury jeweler Tiffany & Co. said fiscal third-quarter profit rose 37% on a surge in sales at the flagship store in New York and price increases. The shares had their biggest drop in a year after the company failed to revive sales in Japan.

Net income climbed to $23.8 million, or 16 cents a share, from $17.4 million, or 12 cents, a year earlier. Sales rose 8.4% to $500.1 million, the New York-based company said.

Shares of Tiffany fell $1.44 to $40.70.