by Christopher Freeburn | August 27, 2012 11:16 am
Tiffany & Co. (NYSE:TIF) announced on Monday that it earned $91.8 million during the second quarter, up 2% from $90 million in the same period last year.
The iconic New York jeweler recorded revenue of $886.6 million, an increase of 2% from $872.7 million in 2011. But that fell short of the $891.1 million that Wall Street had expected, the Associated Press noted.
EPS for the quarter was 72 cents, also missing the 74 cents that analysts had forecast.
Despite the results, Tiffany shares rallied, jumping more than 6% in Monday morning trading to over $62 a share.
The company lowered its earnings guidance for the year from prior estimates of between $3.70 and $3.80 a share, to between $3.55 and $3.65 a share.
Wall Street is looking for full-year earnings of $3.65 a share.
Tiffany forecasts an increase of between 6% and 7% in full year revenue over last year. That’s down from previous predictions of a rise of between 7% and 8%.
Company officials attributed the lower-than-expected results to continuing fallout from the weak worldwide economy. North American and European sales dipped 1% compared to last year, while Japanese sales jumped 11%.
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