Tiffany guidance, weak holiday sales drag on luxury peers

theflyonthewall.com

Earlier today, Tiffany & Co. (TIF) issued disappointing FY12 EPS guidance, indicating that results would come in at the lower end of its $3.20-$3.40 range, versus consensus of $3.26. The company also reported its holiday same-store sales were unchanged from a year ago. It said it was planning for sales to grow “conservatively” for 2013, accompanied by net earnings growth of 6%-9%. The news comes amid several recent reports indicating poor holiday sales for major retailers which are likely to adversely affect profit margins. In late morning trading, Tiffany shares are down about 3.4% to $61.09, but had been down as much as 7% shortly after the open. Other luxury retailers are falling in sympathy, with Coach (COH) down about 2% and Michael Kors (KORS) off by nearly 3%.

Rates

View Comments (0)