Bear of the Day: Tiffany & Co.
by Zacks Equity ResearchJanuary 22, 2013 | Comments : 0 Recommended this article: (0)
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On a constant-currency basis, total worldwide net sales for the two months period ended Dec 31, 2012, marked an increase of 4%, whereas comparable-store sales remained flat. We observe that the rate of growth of net sales and comps decelerated from 6% and 4%, respectively, registered during the two months period ended Dec. 31, 2011. Management now expects fiscal 2012 earnings to be at the lower end of the previously provided guidance range of $3.20 to $3.40 per share.
Tiffany had earlier trimmed its sales growth forecast to 5% to 6% for fiscal 2012, and hinted of contraction in operating margin. Consequently, we maintain our Underperform recommendation on the stock, until we see any catalyst triggering an upside.
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