Tiffany 2012 Forecast Sparkles
So far, so good this year for Tiffany & Co. (NYSE:TIF), who anticipate higher sales for 2012. Aided by expansion in Asia and the Americas, the New-York based jeweler known for its blue boxes says so far it’s on track with its projections for 2012.
Morningstar analyst Paul Sinand said a softer-than-expected holiday season “was the first warning that the luxury party was coming to an end, but now it seems it was just a speed bump.”
The company forecast a profit of between $3.95 and $4.05 per share, above Wall Street estimates of $3.93, according to Thomson Reuters. Tiffany, which currently runs 247 stores worldwide, plans to add another 24 stores this year to its fleet including five in the United Arab Emirates and three in Europe.
Net sales were up 8 percent to $1.19 billion in the fourth quarter ended on January 31. Sales at stores open at least a year increased 5 percent.
Tiffany reported net income of $178.4 million, or $1.39 per share for the quarter, down from $181.2 million, or $1.41 per share, a year earlier. That was below Wall Street analysts’ expectations of $1.42 per share.
Here’s hows shares of TIF are reacting to the news:
Tiffany & Co. (NYSE:TIF): TIF shares recently traded at $,. They have traded in a 52-week range of $ to $. Volume today was shares versus a 3-month average volume of shares. The company’s trailing P/E is , while trailing earnings are $ per share.
To contact the reporter on this story: Lindsey Grossman at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com