Tiffanys Reports Sales Growth for Holiday Season (TIF)
Fine jewelry manufacturer, Tiffany & Co.(TIF) reported its growth in sales for the two month period ended December 31 on Thursday.
During this period, the company saw a global increase in net sales of 4%, totaling $992 million.
Included in TIF’s net sales was a 3% increase in sales in the Americas. The region saw sales of $516 million during the period, although comparable store sales dropped by 2%. Asia-Pacific sales increased by 13% to $187 million. Sales in Japan declined by 5% to $153 million. European sales increased by 2% to $119 million.
The company CEO and chairman Michael J. Kowalski commented, “holiday period sales growth was at the low-end of our expectations, and we now expect that net earnings for the year ending January 31st will be at the lower-end of the forecast that we issued on November 29th of $3.20 – $3.40 per diluted share. Looking forward, we are formulating plans for continued store expansion and new product introductions in 2013. We will provide detailed financial guidance when we report our full year results in March but, due to uncertainty about general economic conditions in all our major markets, management is planning sales growth conservatively for 2013 and at this point expects net earnings growth of 6% – 9%.”
Tiffany & Co. shares were down -$5.51, or -8.71% during premarket trading Thursday. The stock has declined -3.7% in the past year.
The Bottom Line
Shares of Tiffany & Co. (TIF) have a 2.02% dividend yield, based on last night’s closing stock price of $63.26. The stock has technical support in the $55-$58 price area. If the shares can firm up, we see overhead resistance around the $65 price level.
Tiffany & Co.(TIF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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