Tiffany & Co. (NYSE:TIF) stock was down on Friday following the release of its earnings report for the fourth quarter of 2017.
During the fourth quarter of the year, Tiffany & Co. reported same-store sales of growth of 3%, or 1% on constant-exchange-rate basis. Unfortunately for TIF stock, Wall Street was expecting same-store sales growth of 4.7%, or 2.7% on a constant-exchange-rate basis.
Despite the poor same-store sales increase, Tiffany & Co. did see its revenue grow to $1.33 billion for the fourth quarter of 2017. This is an increase over its revenue of $1.23 billion from the same time last year. It also came in above analysts’ revenue estimate of $1.31 billion for the period.
Tiffany & Co. also reported earnings per share of $1.67 for the fourth quarter of the year. This is up from its earnings per share of $1.45 from the fourth quarter of 2017. It also beats out Wall Street’s earnings per share estimate of $1.64 for the quarter.
Net income reported by Tiffany & Co. for the fourth quarter of 2017 was $61.90 million. This is down from its net income of $157.80 million for the fourth quarter of the previous year. However, TIF notes that it suffered from tax charges and other costs during the quarter. Excluding these, its net income was $208 million.
Operating income reported during the fourth quarter of the year was $307.20 million. The jewelry and specialty retailer reported operating income of $256.50 million in the fourth quarter of 2016.
Tiffany & Co. also provides an outlook for 2018 in its most recent earnings report. The retailer is expecting earnings per share for the year to range from $4.25 to $4.45. Analysts’ are looking for earnings per share of $4.38 for the year.
TIF stock was down 3% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
