Nomura Securities Cuts Price Target on Tiffany & Co. (TIF) to $75; Reiterates Buy
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Tiffany Reports First Quarter Results
May 25, 2016 6:40 AM EDTNEW YORK--(BUSINESS WIRE)-- Tiffany & Co. (NYSE: TIF) reported its financial results for the three months (first quarter) ended April 30, 2016. Worldwide net sales were lower than the prior year and reflected declines in all regions except Japan, which management attributes to a continuation of softness in spending by both local customers and foreign tourists. Net earnings were also lower than the prior year resulting from a decline in the operating margin, as improved gross margin was more than offset by a lack of sales leverage on operating expenses. However, net earnings were generally in... More
