Tiffany & Co. Q2 Earnings Beat Forecasts

by Christopher Freeburn | August 27, 2013 11:41 am

Tiffany & Co. Q2 Earnings Beat Forecasts

Tiffany 300x227 Tiffany & Co. Q2 Earnings Beat Forecasts[1]On Tuesday, luxury jeweler Tiffany & Co. (TIF[2]) posted higher quarterly profits[3] and increased its earning guidance for the year.

The company reported a second-quarter profit of $106.8 million, up from $91.8 million in the same period last year. EPS came in at 83 cents, easily beating the 74 cents that analysts had been expecting, the Wall Street Journal noted.

Sales rose 4% to $925.9 million during the quarter, but that missed the $941.5 million that Wall Street was looking for. The company saw sales in Asia jump 20% during the quarter. Europe also posted better sales, up 11%, due mostly to strong sales in the U.K.

Same-store sales in the Americas were flat compared to last year.

Tiffany predicts full-year earnings of between $3.50 and $3.60 a share for fiscal 2013. That’s up from an earlier range of between $3.43 and $3.53 a share. Analysts are looking for an annual profit of $3.54 a share.

In July, a former Tiffany vice president was charged with stealing[4] jewelry worth more than $1.3 million from the retailer.

Shares of Tiffany fell slightly in Tuesday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/Tiffany.jpg
  2. TIF: http://studio-5.financialcontent.com/investplace/quote?Symbol=TIF
  3. posted higher quarterly profits: http://online.wsj.com/article/APf50c6c213e9e485d99ceff5a1ae05d0b.html
  4. was charged with stealing: http://investorplace.com/2013/07/ex-tiffanys-v-p-accused-of-stealing-164-pieces-of-jewelry/

Source URL: http://investorplace.com/2013/08/tiffany-co-q2-earnings-beat-forecasts/
Short URL: http://invstplc.com/1nycivp