NEW YORK, May 15, 2002/ --- Tiffany has put a new shine on its earnings for the first quarter. The luxury jeweler reported net sales up three percent, to $347.1 million, from the same period last year.

Net earnings in the first quarter, ended April 30, 2002, rose six percent, to $32.7 million. In the U.S., retail sales increased six percent, to $165.7 million, with comparable store sales up two percent. While the number of transactions grew, transaction size was still lower, as Americans slowly start investing in luxury products again.

International retail sales rose one percent, to $147.6 million, and direct marketing sales grew by nine percent, to $33.8 million.

So while the numbers aren't exactly skyrocketing, they are certainly looking up. Tiffany saw its baubles collect dust on shelves when the luxury market went south after September 11. They reported a two percent drop in fourth-quarter earnings in March, and for the fiscal year 2001, net sales were down four percent.

"We are certainly encouraged with the improved U.S. trends during the first quarter and are pleased with the 19 percent increase in earnings from operations," said President and CEO Michael J. Kowalski.

"Tiffany's reputation continues to strengthen among a growing customer base that appreciates the extraordinary designs and quality of our product offerings. We will introduce new jewelry designs and timepieces later this year which we expect will further reinforce our reputation for excellence."