Shares of the New York-based luxury retailer Tiffany & Co. (NYSE:TIF) jumped almost 20% after the company released the results of its first-quarter financial earnings on Wednesday.

The company reported that worldwide net sales increased by 15% to reach $1 billion USD and net earnings rose 53%, reaching $143 million.

Net sales in a majority of regions also increased, including transactions in the Americas, the Asia-Pacific region, Japan, and Europe.

Other net sales by region, according to the company, declined because of  “a reduction in wholesale sales of diamonds.”

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Over the course of the first quarter, Tiffany & Co. closed two stores and opened one more, leaving the company with a total of 314 stores being operated. The first quarter of the previous year, only 310 stores were in operation.

The company plans on opening eight more stores throughout the rest of fiscal 2018. Worldwide net sales are also predicted to increase within the high single digits. 

Tiffany & Co. Chief Executive Officer Alessandro Bogliolo has said that the company is “very pleased with this start to the fiscal year, and…are particularly encouraged by the breadth of sales growth across most regions and all product categories.”

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According to Bogliolo, the company’s main focus will be to “[acheive] sustainable growth in comparable sales, operating margin and earnings.”

Tiffany & Co. have also announced a new share repurchase program of $1 billion of the company’s common stock. This new program is replacing one that expired in January 2018.

As of 11:50 am EDT, Tiffany & Co. share value had reached approximately $122.59, up by nearly 19.8% since the market opened on Wednesday morning.

After opening at $119.32, the company has already reached a high of $122.64 and a low of $116.00.

Comparatively, the company closed at a share value of $102.24 on Tuesday.

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