Tiffany & Co. (TIF) Tops Q1 EPS by 18c; Affirms FY13 EPS Outlook
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(Updated - May 28, 2013 7:16 AM EDT)
Tiffany & Co. (NYSE: TIF) reported Q1 EPS of $0.70, $0.18 better than the analyst estimate of $0.52. Revenue for the quarter came in at $895 million versus the consensus estimate of $855.14 million.
On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars.
Sales saw a 15 percent jump in sales for Asia-Pacific, while Americas sales rose 6 percent to $408 million. Japan sales rose just 2 percent to $145 million on a weaker yen. After adjustment, Japan sales improved 20 percent.
"We are pleased with this start to the year. Worldwide, first quarter sales exceeded our expectations, enabling us to improve our sales leverage on fixed expenses and achieve earnings growth," commented CEO Michael Kowalski. "While first quarter sales and earnings exceeded our expectations, we are maintaining our earnings forecast for the full year, mindful of continuing soft sales results in the Americas and the negative translation effect of a weaker yen...Tiffany’s global store base is growing this year with a planned net addition of 14 stores, and we will be launching our redesigned website later this year."
The company affirmed FY23 EPS guidance of $3.43 - $3.53, versus the consensus of $3.48. Worldwide net sales are expected to increase by a mid-single-digit percentage in U.S dollars.
For earnings history and earnings-related data on Tiffany & Co. (TIF) click here.
Tiffany & Co. (NYSE: TIF) reported Q1 EPS of $0.70, $0.18 better than the analyst estimate of $0.52. Revenue for the quarter came in at $895 million versus the consensus estimate of $855.14 million.
On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars.
Sales saw a 15 percent jump in sales for Asia-Pacific, while Americas sales rose 6 percent to $408 million. Japan sales rose just 2 percent to $145 million on a weaker yen. After adjustment, Japan sales improved 20 percent.
"We are pleased with this start to the year. Worldwide, first quarter sales exceeded our expectations, enabling us to improve our sales leverage on fixed expenses and achieve earnings growth," commented CEO Michael Kowalski. "While first quarter sales and earnings exceeded our expectations, we are maintaining our earnings forecast for the full year, mindful of continuing soft sales results in the Americas and the negative translation effect of a weaker yen...Tiffany’s global store base is growing this year with a planned net addition of 14 stores, and we will be launching our redesigned website later this year."
The company affirmed FY23 EPS guidance of $3.43 - $3.53, versus the consensus of $3.48. Worldwide net sales are expected to increase by a mid-single-digit percentage in U.S dollars.
For earnings history and earnings-related data on Tiffany & Co. (TIF) click here.
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