Platinum jewellery retailer Tiffany has reported an increase in sales.

Over the course of the second quarter of the financial year, sales by the platinum jewellery company rose by 19 per cent to reach £331.28 million.

However, profits were revealed to have fallen by ten per cent to £31.605 million. This shortfall was largely attributed to an after-tax charge of £11.79 million following the pending sale of its Little Switzerland enterprise.

Meanwhile, earnings from continuing operations increased 41 per cent to £31.605 million, as retail sales in the United States were up by 20 per cent to £172.665 million.

Commenting on the figures, Michael Kowalski, chairman and chief executive officer, said: "These sales results, which exceeded our expectations, are continued confirmation of the strength of the Tiffany & Co brand around the world and continue to validate the effectiveness of our focused distribution and product strategies."

Earlier in August, it was revealed that the Italian city of Bologna is to be center of a new Tiffany boutique, in which a range of dazzling platinum jewelry is to be at the forefront of the store's collection.