Shares of Tiffany & Co. (NYSE:TIF) gained more than 4% after the company posted second-quarter results. Revenue decline 2.8% from the prior-year quarter to $1.05 billion, falling short of estimates by $10 million. The company posted earnings of 7 cents per share, beating analyst's estimations by 7 cents.
"As with the first quarter, we are encouraged in the second quarter by sales growth attributed to our local customer base globally, which was again led by double digit growth in mainland China," CEO Alessandro Bogliolo said.
By region, in the Americas, total net sales decreased 4% to $455 million and comparable sales decreased 4%. In Asia-Pacific, total net sales decreased 1% to $298 million and comparable sales declines of 3%. In Japan, total net sales of $155 million remained flat, and comparable sales decreased 1%. In Europe, total net sales declined 4% to $116 million, and comparable sales declined 6%.
The gross margin was 62.7%, lower than 64.0% in the comparable quarter of the previous year.
During the quarter ended June 30, Ken Heebner (Trades, Portfolio) sold out the stock. First Eagle Investment (Trades, Portfolio) reduced its holding by 0.16% to 2,899,861 shares, John Rogers (Trades, Portfolio) curbed his position by 17.8% to 199,874 shares and Steve Mandel (Trades, Portfolio) reduced by 3% to 6,570,227 shares. Joel Greenblatt (Trades, Portfolio) boosted by 168% to 150,514.
Shares of Hewlett Packard Enterprise Co. (NYSE:HPE) gained more than 3% after announcing third-quarter results. The company posted earnings of 45 cents per share and revenues of $7.22 billion, a 7.0% year-over-year decline. The company beat earnings estimates by 5 cents but fell short of revenue expectations by $70 million.
In the quarter, the gross margin reached 3.9%, up 340 basis points from the prior-year quarter.
Looking ahead the fiscal year 2019, the company expects GAAP earnings per share to be between 65 to 69 cents and non-GAAP diluted net earnings per share to be $1.72 to $1.76. Further, it reiterates free cash flow guidance in the range of $1.4 to $1.6 billion.
During the quarter ended June 30, T Rowe Price Equity Income Fund (Trades, Portfolio) reduced to its holding by 34% to 1,525,000 shares and Richard Pzena (Trades, Portfolio) curbed his position by 1% to 33,483,641 shares.
Disclosure:The author holds no position in any stocks mentioned.
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