Check out how Tiffany sparkles overseas.
 
Forget the United States (where Tiffany does not expect sales to improve until later this year). They are still buying baubles in Europe.
 
Sales in Europe rose 30 percent in the first quarter. And that was on a CONSTANT CURRENCY basis. No help from the weak dollar in that number. The company added four more stores, which helped, as did the 12 percent increase in same store sales.
 
Asia also saw a 10 percent increase in sales on a constant currency basis.
 
The U.S. consumer may be under pressure. But apparently there are still sales and profits to be mined overseas.
 
Also in the basket:
 
April personal spending up, flat after inflation 
 
J Crew cuts year earnings outlook, shares drop 15 pct

NexCen cuts 25 pct of New York workforce, mulls options 

Coach’s gateway to growth in China (WWD)

(Photo: Reuters)

Check out the 50 percent drop in quarterly profit at JC Penney.

The mid-tier department store operator had warned in late March that its first-quarter profits would be hammered after a drop in store traffic and dismal Easter sales forced it to cut prices to clear out unsold merchandise.

Penney shoppers can expect more price cuts on future visits to the retailer. 

The department store operator said it is now trying to get inventory in its stores to better match the weak sales environment, meaning it will roll out more promotions and cut future merchandise orders.

Based on its forecast, Penney is expecting profits to decline yet again in its second quarter.

It forecast earnings per share of 38 cents–a dramatic drop from the 78 cents per share of earnings from continuing operations it reported a year ago.

Also in the basket:

Tiffany ups payout, sees 1st-qtr topping estimates

Tyson sees less, but more expensive, chicken

Blockbuster swings to profit in first quarter 

(Photo: Reuters)