Tiffany & Company (TIF - Free Report) , the designer and retailer of fine jewelry, came out with second-quarter fiscal 2017 results, wherein earnings of 92 cents per share surpassed the Zacks Consensus Estimate of 88 cents and increased 9.5% year over year.
In fiscal 2017, management continues to anticipate earnings to increase by mid-single digit percentage over 2016’s adjusted earnings of $3.75 per share. The Zacks Consensus Estimate for the fiscal year is currently pegged at $3.92.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed a slight uptrend 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 10.8%.
Revenues: Net sales came in at $960 million, up nearly 3% from the prior-year quarter and also came ahead of the Zacks Consensus Estimate of $933 million. The year-over-year improvement was backed by increased wholesale sale of diamonds and strength witnessed across Asia- Pacific coupled with solid e-commerce improvement. However, comparable-store sales fell 2% in the quarter.
Going forward, management continues to expect net sales to increase by low-single digit percentage in fiscal 2017.
Key Events: Tiffany bought back roughly 230,000 shares worth $21 million during the second quarter. As of Jul 31, 2017, the company had shares worth $278 million remaining under its standing authorization, extending till Jan 31, 2019.
Zacks Rank: Currently, Tiffany carries a Zacks Rank #3 (Hold), which is subject to change following the earnings announcement.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on Tiffany’s earnings report!
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