Tiffany & Co. (TIF) Reports In-Line Q3 EPS, Comps Increase 3%

Tiffany & Co. (NYSE: TIF) reported Q3 EPS of $0.77, in-line with the analyst estimate of $0.77. Revenue for the quarter came in at $1 billion versus the consensus estimate of $1.05 billion.

Management attributed sales growth in the third quarter to higher spending by local customers in all regions, partly offset by lower spending attributed to foreign tourists, primarily Chinese, in certain regions.

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 and comparable sales increased 5% and 3%, respectively. Analysts on average were expecting a rise of 5.3%.

• full year outlook is unchanged.

Alessandro Bogliolo, Chief Executive Officer, said, “It is worth noting that in the third quarter our sales attributed to local customers continued to grow at a strong rate worldwide and were positive in every region, with particularly strong growth in mainland China. Jewelry volumes also increased in the quarter and year to date. This resulted in mid-single-digit net sales growth in the quarter and even higher growth year-to-date, despite lower-than-expected spending in the third quarter attributed to Chinese tourists in the U.S. and Hong Kong and lower wholesale travel-retail sales in Korea.

We are encouraged with our strategic progress on a global basis and with customers’ reactions to our evolved brand message, product innovation and in-store initiatives. We recently completed the global launch of PAPER FLOWERS, a floral collection in platinum and diamonds, introduced in the Americas TIFFANY TRUE, an innovative engagement ring design, and customers appreciate our expanded offerings of high jewelry and product personalization.

Our full year outlook is unchanged. We believe we have substantial growth opportunities to pursue as a geographically-diversified luxury brand and are not distracted by external factors, such as the negative effects of a strong U.S. dollar or fluctuations in tourist spending.Our teams are truly excited about the activities planned for the holiday season and are deeply committed to achieving the long-term growth potential of this legendary brand.”

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

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