Tiffany & Co. (NYSE: TIF)
TIF (“Tiffany & Co.”) previously reported that in its third quarter worldwide net sales were $853 million and net earnings were $63 million, or $0.49 per diluted share. Management updated its full year financial outlook.
In the three months (“third quarter”) ended October 31, 2012: Worldwide net sales increased 4% to $853 million. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP Measures” schedule), worldwide net sales rose 5% and comparable store sales increased 1%.
In the nine months (“year-to-date”) ended October 31, 2012: Worldwide net sales of $2.6 billion were 4% higher than last year. On a constant-exchange-rate basis, worldwide net sales rose 5% and comparable store sales rose 1%.
TIF (“Tiffany & Co.”) Sales in the Americas region increased 3% to $400 million in the third quarter and 2% to $1.2 billion in the year-to-date. In the Asia-Pacific region, total sales increased 2% to $188 million in the third quarter and 6% to $557 million in the year-to-date. In Japan, total sales of $147 million in the third quarter were fractionally above the prior year while sales increased 8% to $447 million in the year-to-date. Sales in Europe increased 6% to $98 million in the third quarter and 2% to $286 million in the year-to-date.
For the year ending January 31, 2013, management expects net earnings of $409-$435 million, or $3.20-$3.40 per diluted share, compared with the previous forecast of $3.55-$3.70 per diluted share.
Tiffany & Co. (NYSE: TIF) operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores in the Americas, Asia-Pacific, Japan, Europe and the United Arab Emirates, and also engages in direct selling through Internet, catalog and business gift operations. For more information, visit www.tiffany.com or call the shareholder information line at 800-TIF-0110.
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