Tiffany Lowers Guidance After Flat Holiday Sales

Before you go, we thought you'd like these...
Before you go close icon

Tiffany Store frontLuxury retailer Tiffany & Co. (NYSE: TIF) this morning reported same-store sales totals for the two months of November and December 2012. The store also lowered its full fiscal year guidance.

Worldwide same-store sales were flat compared with the same two months of 2011. Worldwide net sales rose 4%, excluding the effects of currency exchange rates.

Same-store sales fell by 2% in the Americas, by 5% in Japan and by 1% in Europe. In the Asia-Pacific region, sales rose 10% (7% on a constant currency basis).

For the full fiscal year to date, same-store sales are flat with a year ago and up 1% on a constant currency basis.

The company guided full-year earnings per share (EPS) at the lower end of its previously announced range of $3.20 to $3.40. The consensus estimate from Thomson Reuters calls for EPS of $3.26. Tiffany lowered EPS guidance from a range of $3.55 to $3.70 at the end of its third quarter in October.

Looking ahead, for the fiscal year ending in January 2014, Tiffany expects net earnings growth in the range of 6% to 9%.

Shares have fallen about 8.6% in premarket trading this morning, at $57.80 in a 52-week range of $49.72 to $74.20. The consensus price target for the stock is about $67.


Filed under: 24/7 Wall St. Wire, Earnings Warning, Luxury, Retail Tagged: TIF
Read Full Story

Markets

S&P 500 2,343.98 -1.98 -0.08%
DJIA 20,596.72 -59.86 -0.29%
NASDAQ 5,828.74 11.04 0.19%
DAX 11,979.09 -85.18 -0.71%
NIKKEI 225 18,985.59 -276.94 -1.44%
HANG SENG 24,193.70 -164.57 -0.68%
USD (per EUR) 1.09 0.00 0.18%
USD (per CHF) 0.99 0.00 -0.30%
JPY (per USD) 110.30 -0.25 -0.23%
GBP (per USD) 1.26 0.01 0.63%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners