Turnaround of Tiffany Stock

Tiffany & Company, the world second largest jewelry retailer reported a sharp turnaround in performance for its first quarter
William R. Chaney, Tiffany's chairman and chief executive, said that 'of particular significance'' was the increase in operating income to $3.3 million, Elsa Perettifrom $73,000 the year before.
A group of investors, in a management-led leveraged buyout, acquired Tiffany from Avon Products Inc. Last week, Tiffany completed a public offering of 4.5 million common shares at $23. The company operates a flagship storeTiffany 1837 Charm bracelet on Fifth Avenue in Manhattan, seven other stores across the United States, a store in London and boutiques in the Mitsukoshi department stores in Japan.
The quarter also benefited Tiffany 1837 Lock braceletfrom more aggressive strategies in sales to corporations, Mr. Andruskevich said. Tiffany is promoting its products as employee-incentive awards to a variety of companies, such as brokerages, airlines and auto dealers. Its most popular incentive products are watches, clocks, crystal and silver. Tiffany is also pursuing the corporate accessories market, offering chinaware, crystal and flatware to companies that have executive dining rooms.