Tiffany & Co. (TIF) Reports 7% Increase in Holiday Sales, Cuts FY12 EPS Outlook
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Financial Fact:
Earnings from operations before income taxes: 145.5M
Today's EPS Names:
FRSB, DGICA, UXIN, More
Financial Fact:
Earnings from operations before income taxes: 145.5M
Today's EPS Names:
FRSB, DGICA, UXIN, More
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Tiffany & Co. (NYSE: TIF) today announced that its worldwide net sales in the two months ended December 31st increased 7% over the prior year, and that management has updated its full year earnings forecast accordingly.
Worldwide net sales rose 7% to $952 million in the holiday period, the result of double-digit sales growth in Asia-Pacific and Japan and smaller increases in the Americas and Europe. On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 6% and comparable store sales increased 4% (see “Non-GAAP Measures” schedule).
Michael J. Kowalski, chairman and chief executive officer, said “After achieving very strong and better-than-expected sales and earnings growth in the first three quarters of 2011, sales weakened markedly in the United States and Europe during the holiday season, reflecting restrained spending by consumers for fine jewelry. We are now estimating that earnings per diluted share for the fiscal year ending January 31, 2012 will increase 23% - 25% to a range of $3.60 - $3.65. This estimate compares with a prior forecast made in November of $3.70 - $3.80 per diluted share and our initial fiscal 2011 outlook provided last March of $3.35 - $3.45 per diluted share. All estimates do not include $0.20 per diluted share of nonrecurring expenses.” The Street's consensus for the fiscal 2012 earnings is $3.76 per share.
Worldwide net sales rose 7% to $952 million in the holiday period, the result of double-digit sales growth in Asia-Pacific and Japan and smaller increases in the Americas and Europe. On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 6% and comparable store sales increased 4% (see “Non-GAAP Measures” schedule).
Michael J. Kowalski, chairman and chief executive officer, said “After achieving very strong and better-than-expected sales and earnings growth in the first three quarters of 2011, sales weakened markedly in the United States and Europe during the holiday season, reflecting restrained spending by consumers for fine jewelry. We are now estimating that earnings per diluted share for the fiscal year ending January 31, 2012 will increase 23% - 25% to a range of $3.60 - $3.65. This estimate compares with a prior forecast made in November of $3.70 - $3.80 per diluted share and our initial fiscal 2011 outlook provided last March of $3.35 - $3.45 per diluted share. All estimates do not include $0.20 per diluted share of nonrecurring expenses.” The Street's consensus for the fiscal 2012 earnings is $3.76 per share.
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