Tiffany & Company , the designer and retailer of fine jewelry, came out with second-quarter fiscal 2016 results, wherein earnings of 84 cents a share beat the Zacks Consensus Estimate of 71 cents but decreased from 86 cents posted in the year-ago period.

Management continues to expect earnings per share for fiscal 2016 to decrease by a mid-single-digit percentage from the prior year.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has been stable over the past 30 days. In the trailing four quarters, excluding the quarter under review, the company underperformed the Zacks Consensus Estimate by an average of 2.9%.

Revenues: Tiffany generated net sales of $931.6 million that fell short of the Zacks Consensus Estimate of $933 million and declined 6% due to sluggishness witnessed across the Americas, Asia-Pacific region and Europe. In constant currencies, net sales fell 6%, whereas comparable-store sales declined 9%.

Going ahead, Tiffany continues to expect fiscal 2016 worldwide net sales to decrease by a low-single-digit percentage.

Key Events: During the quarter, the company repurchased approximately 1.1 million shares at an average cost of about $63 per share. Tiffany opened 4 company-operated outlets in the quarter under review and shuttered 1 existing location.

TIFFANY & CO Price, Consensus and EPS Surprise

 

TIFFANY & CO Price, Consensus and EPS Surprise | TIFFANY & CO Quote

Zacks Rank: Currently, Tiffany carries a Zacks Rank #4 (Sell) which is subject to change based on the just released earnings results.

Stock Movement: Tiffany’s shares are up nearly 1.6% 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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