Tiffany & Co Records Upbeat Fourth-quarter Profit, Shares Jump
Shares of Tiffany & Co soared 1.58 percent in premarket trade on Friday, following the company’s quarterly earnings report that showed fiscal fourth-quarter profit expectations and provided an upbeat outlook.
The high-end jewelry retailer posted net earnings of $157.8 million, or $1.26 a share for the quarter to January 31st, which was lower than $163.2 million, or $1.28 a share recorded a year ago. Adjusted for one-time items, earnings per share reached $1.45, above analysts’ forecast of $1.39.
Revenue was reported to add 1% to $1.23 billion, roughly in line with economists’ consensus of $1.22 billion. Same-store sales were unchanged from a year ago, contrasting with expectations for a 1.4% decline, as a greater-than-expected increase in Japan helped offset a bigger-than-expected decline in Europe.
For fiscal year 2017, Tiffany anticipates adjusted EPS to increase to $3.75, slightly below markets’ forecast calling for a rise to $3.85.
Buy Stop at 91.00, Take profit 93.00, Stop loss at 90.00