Tiffany’s (TIF) is flying high after a first-quarter report sent TIF stock booming — great news that has TIF adjusting its 2014 profit expectations to the delight of Wall Street.

TIF stock is up 9% in early morning trading.

While its fine jewelry is the company’s heart, its lower-priced items are what they can thank for the boom.

“Strength in fine and statement jewelry sales continued, while sales of our new or expanded jewelry collections accelerated, led by our ATLAS collection,” Chief Executive Michael Kowalski said in a statement.

Q1 net profit was $125.6 million (97 cents per share), up from $83.6 million (65 cents per share) a year earlier.

The good news was enough to push the company to adjust its own outlook for the year.

TIF pushed its earnings forecast to $4.15-$4.25 per share, up from $4.05-$4.15 per share. The year ends Jan. 31.

Via Fox News:

The company has been struggling for the past two years to find the right balance between the pricey jewelry for which it is known and cheaper silver items that generate a quarter of sales.

The Atlas Collection is a new range that focuses on silver jewelry – including lariats, rings and pendants – priced below $500. Tiffany’s profit margin in these pieces is higher than in expensive fine jewelry.

TIF stock is up 3.7% year to date.