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Tiffany & Co. Message Board

  • michaelisin4u michaelisin4u Aug 26, 2011 8:21 AM Flag

    TIF REPORTS SUBSTANTIALLY HIGHER-THAN-EXPECTED SALES & EARNINGS GROWTH IN 2Q

     

    TIFFANY REPORTS SUBSTANTIALLY HIGHER-THAN-EXPECTED SALES AND EARNINGS GROWTH IN ITS SECOND QUARTER

    NEW YORK--(August 26, 2011)-- Tiffany & Co. (NYSE: TIF) today announced its financial results for the second quarter ended July 31, 2011. Net sales rose 30% over the prior year due to strong growth in all geographic regions. Net earnings increased 33% and, excluding nonrecurring charges, rose 58% in the quarter (see attached "Non-GAAP Measures" schedule). Net earnings were $0.69 per diluted share in the quarter and, excluding nonrecurring charges, were $0.86 per diluted share. Management increased its earnings forecast for fiscal 2011 to reflect the better-than-expected second quarter results.

    Michael J. Kowalski, chairman and chief executive officer, said, "We are extremely pleased by these results which confirm the growing global appeal of Tiffany's product offerings. In addition, we have been able to absorb precious metal and gemstone cost increases while improving our gross and operating margins."

    Second quarter (three months ended July 31, 2011) summary:

    Worldwide net sales rose 30% to $872.7 million. On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales increased 24% and comparable store sales rose 22% (see "Non-GAAP Measures" schedule).
    Net earnings increased 33% to $90.0 million, or $0.69 per diluted share, versus $67.7 million, or $0.53 per diluted share, in the prior year.
    Earnings in the second quarter of 2011 were reduced by $0.16 per diluted share for nonrecurring expenses (see SG&A expenses below) related to the relocation of Tiffany's New York headquarters staff. Earnings in the second quarter of 2010 were reduced by $0.02 per diluted share for similarly-related nonrecurring expenses. Excluding those nonrecurring items in both years, net earnings rose 58% in the quarter and were $0.86 per diluted share, versus $0.55 per diluted share in the prior year (see "Non-GAAP Measures" schedule).
    First half (six months ended July 31, 2011) summary:

    Worldwide net sales rose 25% to $1.6 billion. On a constant-exchange-rate basis, worldwide net sales and comparable store sales rose 20% and 18%.
    Net earnings rose 30% to $171.1 million, or $1.32 per diluted share, compared with $132.1 million, or $1.03 per diluted share.
    Earnings in the first half of 2011 were reduced by $0.20 per diluted share for nonrecurring items. Excluding nonrecurring items in both years, net earnings rose 49% in the first half and were $1.52 per diluted share, versus $1.03 per diluted share in the prior year (see "Non-GAAP Measures" schedule).
    Net sales highlights by segment:

    In the Americas, sales rose 25% to $438.2 million in the second quarter and 22% to $812.9 million in the first half. On a constant-exchange-rate basis, total sales and comparable store sales in the quarter rose 24% and 23% and in the first half rose 21% and 20% (in the quarter and first half, sales in the New York flagship store increased 41% and 33%, benefiting from strong foreign tourist demand, and comparable branch store sales in the Americas increased 19% and 17%). Internet and catalog sales in the Americas increased 16% and 15%.
    In Asia-Pacific, sales increased 55% to $173.2 million in the second quarter and 46% to $340.5 million in the first half. On a constant-exchange-rate basis, sales increased 45% and 38% and comparable store sales increased 41% and 33% due to growth in most countries with the largest increase in the greater China region.


    http://investor.tiffany.com/releasedetail.cfm?ReleaseID=601273

    This topic is deleted.
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