Tiffany (TIF) Reports In-Line Q1; Sees Lessening In Rate of Sales Decline, Reaffirms
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EPS Growth %: +1.5%Financial Fact:
Earnings from operations: 140.54M
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Tiffany & Co (NYSE: TIF) reports Q1 earnings of $0.20 per share, in-line with the consensus of $0.20. Revenues fell 22% to $523.1 million, versus the consensus of $533 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."
Tiffany reaffirms guidance for FY10, sees EPS of $1.50-$1.60 versus the consensus of $1.56. CEO said, "We are now almost one month into our second quarter and, although it's still too early to draw any conclusions, we are seeing a lessening in the rate of year-over-year total sales decline, as we expected. The rate of decline has improved slightly in the Americas and to a greater extent in other regions. Therefore, we reaffirm our previously-announced full year expectations."
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."
Tiffany reaffirms guidance for FY10, sees EPS of $1.50-$1.60 versus the consensus of $1.56. CEO said, "We are now almost one month into our second quarter and, although it's still too early to draw any conclusions, we are seeing a lessening in the rate of year-over-year total sales decline, as we expected. The rate of decline has improved slightly in the Americas and to a greater extent in other regions. Therefore, we reaffirm our previously-announced full year expectations."
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