Tiffany & Co. (TIF) Tops Q2 EPS by 5c, Beats on Revenues

Tiffany & Co. (NYSE: TIF) reported Q2 EPS of $0.92, $0.05 better than the analyst estimate of $0.87. Revenue for the quarter came in at $960 million versus the consensus estimate of $931.74 million.

In the second quarter:

• Worldwide net sales increased 3% to $960 million, while comparable store sales declined 2%. Management noted an increase in wholesale sales of diamonds, increased wholesale sales in the Asia-Pacific region and strong e-commerce sales growth. Overall, growth in fashion and designer jewelry sales contrasted with softness in other jewelry categories. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP Measures”), worldwide net sales rose 4% and comparable store sales declined 1% due to the factors noted above.
• Net earnings rose 9% to $115 million, or $0.92 per diluted share, from $106 million, or $0.84 per diluted share in the prior year.

For earnings history and earnings-related data on Tiffany & Co. (TIF) click here.

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