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By
Reuters
Published
Mar 16, 2018
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Tiffany's same-store sales, forecast disappoint

By
Reuters
Published
Mar 16, 2018

Tiffany & Co missed analysts’ estimates with quarterly same-store sales numbers on Friday and forecast a full-year profit largely below expectations, as the upscale jeweler invests heavily to turn around its business.


Photo: Tiffany & Co


The company’s shares were down more than 6 percent in premarket trading.

Tiffany, which has been marred by several quarters of declining sales, has been taking numerous steps to diversify its revenue stream by introducing cheaper silver jewelry as well as everyday home items to appeal to a wider customer base.

However, the investments are expected to take a toll on the company’s earnings, Chief Executive Officer Alessandro Bogliolo said.

“Increasing investment now in certain areas, such as technology, marketing communications, visual merchandising, digital and store presentations, ... will hinder pre-tax earnings growth in the near-term,” Bogliolo said.

Tiffany forecast full-year profit between $4.25 and $4.45 per share, compared to analysts’ estimate of $4.37 per share, according to Thomson Reuters I/B/E/S.

Same-store sales, on a constant currency basis, rose 1 percent in the reported quarter, missing estimates of a 2.8 percent rise.

In January, the company reported worldwide same-store sales that rose 5 percent in November and December, prompting a rise in its full-year profit forecast.

The company’s net earnings fell to $61.9 million, or 50 cents per share, in the fourth quarter ended Jan. 31, from $157.8 million, or $1.26 per share, a year earlier.

Tiffany’s profits were also hit by a charge related to recent changes in the U.S. tax code.

Excluding items, the company earned $1.67 per share, beating estimates of $1.64 per share.

The company’s net sales rose 8.5 percent to $1.33 billion, edging past estimates of $1.31 billion.

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