Tiffany & Co. (TIF) Misses Q3 EPS by 5c; Updates FY15 EPS Outlook

Tiffany & Co. (NYSE: TIF) reported Q3 EPS of $0.70, $0.05 worse than the analyst estimate of $0.75. Revenue for the quarter came in at $938.2 million versus the consensus estimate of $971 million.

Worldwide net sales on a constant-exchange-rate basis rose 4% and comparable store sales increased 1% due to growth in Japan, Europe and Asia-Pacific partly offset by lower sales in the Americas. (The Street was looking for an increase of 3.3 percent.) Sales growth was led by higher sales of fashion gold jewelry and statement jewelry. Reported in U.S. dollars, worldwide net sales were $938 million, versus $960 million a year ago.

Management is now projecting net earnings for the year ending January 31, 2016 to be 5%-10% below last year’s $4.20 per diluted share (excluding charges in both years), and is also now projecting free cash flow in excess of $500 million for the year.

*** The Street sees FY15 EPS of $4.04.

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

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