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Tiffany & Co. (NYSE: TIF) reported third-quarter 2017 results before markets opened Wednesday. The luxury goods company posted diluted earnings per share (EPS) of $0.80 on revenues of $976.2 million. In the same period a year ago, Tiffany reported EPS of $0.76 and revenue of $949.3 million. Third-quarter results also compare to consensus estimates calling for EPS of $0.76 and $956.95 million in revenue.

On a constant currency basis, quarterly net sales declined by 1% and same-store sales were flat. On a GAAP basis, worldwide net sales rose 3% and same-store sales fell 1%.

Third-quarter same-store sales in the company’s Americas region rose 1% on a GAAP basis and were unchanged year over year on a constant currency basis. Total U.S. sales rose 1% on a constant-currency basis.

CEO Alessandro Bogliolo, who took the reins in October, said:

These latest financial results marginally exceeded our expectations, but I believe that Tiffany has the medium to long-term potential to achieve meaningful comparable store sales growth and drive higher operating margins and earnings growth. Looking forward, we will increasingly capitalize on the strength of the TIFFANY & CO. brand with stronger organizational focus on innovation in product, digital, communication and the customer experience.

In its outlook statement, Tiffany expects fiscal year 2017 adjusted diluted EPS to increase by a high-single-digit percentage of the prior year’s diluted EPS of $3.55 and by a mid-single-digit percentage of last year’s adjusted EPS of $3.75.

The consensus fourth-quarter analysts’ estimate for EPS is $1.55, up from last year’s actual fourth-quarter EPS of $1.45. For the full-year the consensus estimate calls for EPS of $3.97 and revenues of $4.0.8 billion.

Using 6% as the “mid-single-digit” increase the company forecasts, EPS for the year would come in at $3.975. In other words, Tiffany expects to just meet, not exceed, expectations. That kind of result has not been rewarded this earnings season.

Shares were up about 0.6% in premarket trading Wednesday morning to $94.56, in a 52-week range of $76.08 to $97.29. The 12-month consensus analyst price target was $95.95 before results were announced.