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Tiffany & Co. posted net earnings of $64.4 million for the first quarter, a 20% increase over $53.8 million in the prior year.

The jewelry marketer reported net sales of $668.1 million for the quarter ended April 30, a 12% increase over $595.7 million last year.

Combined U.S. catalog and Internet sales increased 1%, according to Tiffany.

The New York company attributed these results to strong growth in Asia-Pacific and Europe.

Tiffany posted gross margin of 57.1% for the quarter, an increase over 56.1% in the prior year. Management attributed this to sales leverage on fixed costs and a decline in wholesale sales of diamonds.