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Before the opening bell on Monday morning, Tiffany & Co. Liquid error: internal reported its holiday sales, posting negative figures for worldwide net sales.
Tiffany reported worldwide net sales of $1.02 billion, marking a 1% decline compared to last year. On a “constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars,” the company’s worldwide sales were up 3% and comparable store sales came in flat compared to last year.
TIF chairman and CEO Michael J. Kowalski had the following comments: "Clearly, sales for the holiday period were disappointing overall, with significant variability in performance by region and by product category. In terms of regional performance, Asia-Pacific showed solid sales growth, sales in Japan continued to be weak, European sales rose nicely in local currencies and sales in the Americas declined slightly after a very strong start to the year. Regarding product categories, our very strong and concentrated marketing focus on Tiffany “T” generated strong sales growth in fashion gold jewelry. However, that success did not translate into broader sales momentum as we had anticipated in other jewelry categories.”
For the current fiscal year, ending January 30, 2015, TIF is expecting adjusted EPS in the range of $4.15-$4.20, which is down from its previous EPS outlook of $4.20-$4.30. Analysts expect EPS of $4.32.
TIF stock was down $8.07, or 7.8%, in pre-market trading.
Shares of Tiffany & Co. Liquid error: internal have a yield of 1.47% based on the Friday’s closing price of $103.45 and the company’s annualized payout of $1.52.
Tiffany & Co. Liquid error: internal is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.