Tiffany & Company , the designer and retailer of fine jewelry, came out with third-quarter fiscal 2016 results, wherein adjusted earnings of 76 cents per share surpassed the Zacks Consensus Estimate of 67 cents and also increased 8.6% year over year.

Management continues to anticipate 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 has been stable 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 2.8%.

Revenues: Net sales came in at $949.3 million, up 1.2% from $938.2 million recorded in the prior-year quarter, and also above the Zacks Consensus Estimate of $923 million.

Key Events: Tiffany opened four company operated stores in the third-quarter and closed two stores in the Asia-Pacific region. The company ended the third-quarter with 313 stores.

Zacks Rank: Currently, Tiffany carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Stock Movement: Tiffany’s shares are up nearly 2.8% 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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