Luxury retailer Tiffany & Co. (NYSE: TIF) reported this morning that same-store sales for the months of November and December combined rose 7%. Sales rose by 4% in the US, Canada, and Latin America; 1% in Europe; 13% in Japan; and 15% in Asia-Pacific.
The company also raised EPS guidance. From previous guidance issued in November for full-year non-GAAP EPS of $3.70-$3.80, Tiffany now estimates EPS of $3.60-$3.65. The company explained the change this way:
After achieving very strong and better-than-expected sales and earnings growth in the first three quarters of 2011, sales weakened markedly in the United States and Europe during the holiday season, reflecting restrained spending by consumers for fine jewelry.
The company said it will provide additional details on next year’s earnings when it reports full-year earnings in March.