Tiffany reported an 11% increase in worldwide net sales and a 5% increase in comparable store sales for the second quarter of 2008. Net earnings per share increased 31% from the same quarter of 2007 as Tiffany's operating and gross margins increased in the quarter.
Tiffany reported a 12% increase in net sales for the first quarter 2008 and a 17.5% increase in operating income, for earnings per share of $0.50, beating analyst estimates of $0.41. Tiffany was largely helped by the falling value of the dollar as its international sales gained as much as 15% (in Japan) as a result of foreign currency appreciation.
NEW YORK (MarketWatch) -- In a positive sign for the luxury-goods sector, Tiffany & Co. had its biggest stock gain in more than seven years after its adjusted fourth-quarter profit rose more than expected, helped by gains outside of the U.S. and sales of silver and designer jewelry. The company also said U.S. same-store sales are posting gains after a decline in the fourth quarter.
Tiffany's stock rose as the company reported an impressive 18% yoy net sales increase for the quarter. Comparable store sales (sales at stores open for a year or more) also increased by 8% in the US and by 10% abroad. The increase was driven by revenue from a real estate sale-leaseback of Tiffany's Tokyo flagship store, and strong demand for diamond and silver jewelry. Tiffany continues its aggressive expansion campaign, opening 3 new US stores and 6 international stores in the quarter. However, gross margin did fall by 0.5% due to an increase in wholesale diamond sales--a trend that could have a negative impact on Tiffany's revenues if it continues.
Shares rose about 3% as the company reported same store sales growth of 17%, and beat analysts' estimates for sales.
Tiffany's agreed to sell its Little Switzerland chain to NXP Corporation, boosting its stock price by over 2%. The transaction resulted in an after-tax loss of $0.15 - 0.18 per share.
Tiffany's shares climbed quickly as speculation around a takeover by French luxury giant LVMH grew.
On April 1, 2007, Tiffany announced that net sales for fiscal year ending 1/31/2007 rose 11%. This led to an
Stock moves from 43.86 to 45.06 as an investment firm controlled by activist shareholder Nelson Peltz
11/28/2006 - 11/29/2006: Stock moves from 35.93 to 38.22 in a day as Tiffany raises FY 2006 EPS outlook to $1.79-$1.84.
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