Business was stable in the second quarter for Tiffany & Co. At $887 million, worldwide sales rose 2% over the previous year (3% on a constant-exchange-rate basis). Net earnings likewise rose 2% to $92 million versus $90 million in the second quarter of 2011. The company said the results were in line with its expectations.



For the first half of the year, ended July 31, worldwide net sales increased 4% to $1.7 billion. On a constant-exchange-rate basis, worldwide net sales and comparable store sales rose 5% and 1% respectively. The company’s net earnings increased 1% to $173 million.



The best performing market in both the second quarter and the first half of the year was Japan, which saw an increase in sales to $159 million in the second quarter and 13% to $300 million in the first half.



“We think it is only prudent to maintain a cautious near-term outlook about global economic conditions and the effects on customer spending, with year-over-year growth comparisons in the next few months also being pressured by the strong increases we experienced last year,” said Tiffany chairman and CEO Michael J. Kowalski.



“At the same time, we are determined to further strengthen Tiffany’s competitive position by expanding our store and customer base and introducing enticing new designs, all intended to generate solid long-term financial performance.”