by Christopher Freeburn | March 21, 2014 11:16 am
On Friday, Tiffany & Co. (TIF) reported lower-than-expected quarterly earnings and issued a muted profit outlook for the year. Despite the news, Tiffany stock gained more than 2% in morning trading.
Tiffany stock rose after the jewelry retailer posted a fiscal fourth-quarter loss of $103.6 million, largely due to a one-time arbitration charge. In the year-ago quarter, it earned $179.6 million. Adjusted EPS came in at $1.47 per share. That disappointed Wall Street which was looking for a profit of $1.52 a share, Reuters noted.
For the current fiscal year, Tiffany said it expects to earn between $4.05 and $4.15 a share. That was fell short of the full-year Tiffany profit of $4.28 per share that analysts had estimated.
Tiffany stock closed at $91.17 per share on Thursday. Over the past 12 months, Tiffany shares have gained more than 35%.
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