Tiffany & Co. Earnings: Bling Profits, Shares Tarnished

S&P 500 (NYSE:SPY) component Tiffany & Co. (NYSE:TIF) reported its results for the first quarter. Tiffany & Co. is a jeweler and specialty retailer that sells timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories.

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Tiffany & Co. Earnings Cheat Sheet

Results: Net income for Tiffany & Co. rose to $81.5 million (64 cents per share) vs. $81.1 million (63 cents per share) in the same quarter a year earlier. This marks a rise of 0.6% from the year-earlier quarter.

Revenue: Rose 7.6% to $819 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Tiffany & Co. fell short of the mean analyst estimate of 70 cents per share. Analysts were expecting revenue of $816.9 million.

Quoting Management: Michael J. Kowalski, chairman and chief executive officer, said, “In terms of our sales for the first quarter, regions outside the Americas performed generally as expected. However, the Americas region underperformed, continuing a soft trend that began in the last quarter of 2011 and compounded by the difficult comparison to substantial sales growth in last year’s first quarter. These sales results led to net earnings modestly trailing our expectations.”

Key Stats:

Revenue has risen for the last four quarters. Revenue increased 7.8% to $1.19 billion in the fourth quarter of the last fiscal year. The figure rose 20.5% in the third quarter of the last fiscal year from the year earlier and climbed 30.5% in the second quarter of the last fiscal year from the year-ago quarter.

Tiffany & Co. (NYSE:TIF) has fallen short of estimates for two consecutive quarters. In the fourth quarter of the last fiscal year, it missed expectations by 3 cents with net income of $1.39 versus a mean estimate of net income of $1.42 per share.

Net income has increased 24.1% year-over-year on average across the last five quarters. The biggest gain came in the third quarter of the last fiscal year, when income climbed 62.8% from the year-earlier quarter.

Looking Forward: Next quarter’s results are expected to be more favorable for the company. Over the past sixty days, the average estimate for the second quarter has reached 86 cents per share, up from 83 cents. At $3.99 per share, the average estimate for the fiscal year has risen from $3.92 sixty days ago.

Competitors to Watch: Zale Corporation, Blue Nile, Inc., DGSE Companies, Inc., Coach, Inc., Whitehall Jewelers Hldgs. Inc., Elegant Illusions, Inc., and Finlay Enterprises, Inc.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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