Tiffany forecast sparkles
Tiffany (TIF) posted another set of glittering numbers Monday. The New York-based jewelry chain made $118 million, or 89 cents a share, for the fourth quarter, down from $140 million, or $1.02 a share, a year ago. Excluding certain charges, though, earnings were $1.27 a share in the latest quarter, beating the $1.21-a-share Wall Street estimate. Sales rose 10% from a year ago in the fourth quarter, with same-store sales rising 1%, fueled by a 10% gain at the company’s flagship Fifth Avenue store in Manhattan. “Despite current uncertainties related to consumer confidence in the U.S.,” said CEO Michael Kowalski, “we will continue to take advantage of our strong balance sheet and infrastructure to pursue our planned expansion opportunities worldwide.” The company said it expects to make $2.75 to $2.85 a share for the year, well above the $2.49-a-share analyst estimate. Tiffany shares rose 11% in early trading.
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