Tiffany Lowers Guidance After Flat Holiday Sales
January 10, 2013 by Paul Ausick
Worldwide same-store sales were flat compared with the same two months of 2011. Worldwide net sales rose 4%, excluding the effects of currency exchange rates.
Same-store sales fell by 2% in the Americas, by 5% in Japan and by 1% in Europe. In the Asia-Pacific region, sales rose 10% (7% on a constant currency basis).
For the full fiscal year to date, same-store sales are flat with a year ago and up 1% on a constant currency basis.
The company guided full-year earnings per share (EPS) at the lower end of its previously announced range of $3.20 to $3.40. The consensus estimate from Thomson Reuters calls for EPS of $3.26. Tiffany lowered EPS guidance from a range of $3.55 to $3.70 at the end of its third quarter in October.
Looking ahead, for the fiscal year ending in January 2014, Tiffany expects net earnings growth in the range of 6% to 9%.
Shares have fallen about 8.6% in premarket trading this morning, at $57.80 in a 52-week range of $49.72 to $74.20. The consensus price target for the stock is about $67.
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