Tiffany & Co. (TIF) Tops Q2 EPS by 16c

Tiffany & Co. (NYSE: TIF) reported Q2 EPS of $1.17, $0.16 better than the analyst estimate of $1.01. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.04 billion.

• comparable sales rose 8%.

GUIDANCE:

Tiffany & Co. sees FY2018 EPS of $4.65-$4.80, versus the consensus of $4.75.

• worldwide net sales increasing by a high-single-digit percentage over the prior year both as reported and on a constant-exchange-rate basis;
• These expectations are approximations and are based on the Company’s plans and assumptions for the full year, including: (i) mid-to-high-single-digit comparable sales growth, with varying degrees of growth in all regions; (ii) worldwide gross retail square footage increasing 2%, net through eight store openings, two closings and at least 15 relocations; (iii) operating margin below the prior year as a result of significant SG&A expense growth (affected by anticipated higher investment spending in technology, marketing communications, visual merchandising, digital and store presentations, as well as expenses related to the renovation of the Company’s New York City flagship store) at a higher rate than sales growth for the remainder of the year, partly offset by a higher gross margin; (iv) interest and other expenses, net in line with the prior year; (v) an effective income tax rate in the mid-20’s; (vi) net earnings and EPS over the balance of the year affected by the amount and timing of the anticipated higher investment spending; (vii) the U.S. dollar in the second half of the year stronger on a year-over-year basis; and (viii) EPS benefitting from share repurchases which are expected to total approximately $400 million for the full year.

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

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