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Tiffany & Co. (TIF)
by Zacks Equity ResearchDecember 06, 2012 | Comments : 0 Recommended this article: (0)
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The disappointing result was due to shriveled gross margin and higher tax rate, apart from difficult year-over-year comparisons. Net sales of $852.7 million also fell short of the Zacks Consensus Estimate of $858 million. Given the weaker-than-expected results and sluggish economic recovery in most of the countries, management trimmed its fiscal 2012 outlook.
Tiffany expects total net sales growth of 5% to 6% for fiscal 2012, down from 6% to 7% predicted previously. Operating margin for the fiscal year is also expected to contract. Moreover, gross margin in the fourth quarter is expected to be lower than the prior-year quarter.
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