Tiffany & Co. (TIF) Reports Q1 Earnings; Guides In-line for FY10
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Tiffany & Co. (NYSE: TIF) reports Q1 EPS of $0.20, in-line with estimates. Net sales in the first quarter declined 22% to $523.1 million vs. consensus of $533.03 million.
Michael J. Kowalski, chairman and chief executive officer, said, "Despite reduced consumer demand in the luxury sector, Tiffany is, and is projected to remain, solidly profitable and will generate substantial cash from operations. We remain confident about the continued effectiveness of our fundamental growth strategies, and in their ability to generate superior financial returns when economic conditions improve."
Sees FY10 EPS between $1.50 - $1.60 vs. $1.56 consensus.
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