by Burke Speaker | November 26, 2013 10:36 am
The strong earnings report moved TIF to raise its full-year profit forecast by $0.15 a share to $3.65 to $3.75. And Tiffany continues to predict that net global sales will increase for the fiscal year.
Global sales rose 7 percent to $911.5 million in the third quarter ended Oct. 31. Analysts on average were expecting $889.5 million, according to Thomson Reuters I/B/E/S. Comparable sales rose 7 percent.
Tiffany reported net income of $94.6 million, or 73 cents per share, compared with $63.2 million, or 49 cents per share, a year earlier.
Global sales saw a 7% increase to $911.5 million in the third quarter. Analysts on average were expecting $889.5 million, as noted by Thomson Reuters I/B/E/S.
While its Asian markets were its largest growth (in Europe it saw a 2% increase) at 22%, in the United States the company has struggled to find the perfect mix of expensive jewelry — its brand — and its more-affordable silver items, which generate 25 percent of sales and remains its most profitable category.
Other luxury retailer stock like Michael Kors (KORS[3]) are expected to have the leg up on the competition this holiday season, so investors are keeping a close eye on these stocks.
A stronger economy means stronger growth in these markets, with TIF and KORS looking for tidings of good cheer from the end of this week on.
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