Tiffany & Company , the designer and retailer of fine jewelry, came out with first-quarter fiscal 2016 results, wherein adjusted earnings of 64 cents per share missed the Zacks Consensus Estimate of 68 cents and also slumped 21% year over year.
Management anticipates earnings per share for fiscal 2016 to fell by mid-single digit percentage in comparison to 2015 adjusted earnings per share. In the second-quarter, the company expects earnings to decline at the rate equivalent to the the first quarter.
Earnings Estimate Revision: The Zacks Consensus Estimate has witnessed a downtrend for fiscal 2016 in the last 30 days. In the trailing four quarters (excluding the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 3.0%.
Revenues: Tiffany generated net sales of $891.3 million that fell short of the Zacks Consensus Estimate of $924 million and dipped 7.4% from last year.
In constant currencies, net sales and comparable-store sales declined 7% and 9%, respectively.
Key Events: Tiffany opened two company operated stores in the first-quarter in Europe and closed one store in Japan. The company ended the first-quarter with 308 stores.
Also, the company repurchased shares worth $78 million in the quarter. As of April 30, 2016, the company has $416 million remaining under its new buyback program that run through January 31, 2019.
Zacks Rank: Currently, Tiffany carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Stock Movement: Tiffany’s shares are down nearly 4.5% during pre-market trading hours following the earnings release.
Check back later for our full write up on Tiffany’s earnings report!
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Tiffany & Company (TIF) Misses on Q1 Earnings & Revenues
Tiffany & Company , the designer and retailer of fine jewelry, came out with first-quarter fiscal 2016 results, wherein adjusted earnings of 64 cents per share missed the Zacks Consensus Estimate of 68 cents and also slumped 21% year over year.
Management anticipates earnings per share for fiscal 2016 to fell by mid-single digit percentage in comparison to 2015 adjusted earnings per share. In the second-quarter, the company expects earnings to decline at the rate equivalent to the the first quarter.
Earnings Estimate Revision: The Zacks Consensus Estimate has witnessed a downtrend for fiscal 2016 in the last 30 days. In the trailing four quarters (excluding the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 3.0%.
Revenues: Tiffany generated net sales of $891.3 million that fell short of the Zacks Consensus Estimate of $924 million and dipped 7.4% from last year.
In constant currencies, net sales and comparable-store sales declined 7% and 9%, respectively.
Key Events: Tiffany opened two company operated stores in the first-quarter in Europe and closed one store in Japan. The company ended the first-quarter with 308 stores.
Also, the company repurchased shares worth $78 million in the quarter. As of April 30, 2016, the company has $416 million remaining under its new buyback program that run through January 31, 2019.
Zacks Rank: Currently, Tiffany carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Stock Movement: Tiffany’s shares are down nearly 4.5% during pre-market trading hours following the earnings release.
Check back later for our full write up on Tiffany’s earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>