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Before the opening bell on Friday, jewelry company Tiffany & Co (TIF) turned a profit for the fourth quarter, which matched analysts’ estimates, but its weaker-than-expected outlook sent shares lower in premarket trading.
The company’s CEO and President Frederic Cumenal commented: “Tiffany is facing challenges from global economic uncertainties, especially from the effect of a strong U.S. dollar on the translation of foreign-denominated sales into dollars and on foreign tourist spending in the U.S. As a result, we have adopted a cautious approach in our planning for the coming year, anticipating modest growth in net sales and minimal net earnings growth for the full year; this assumes pressure on sales and earnings in the first half of the year followed by healthy growth in the second half. Longer-term, we see an exciting future for Tiffany as we pursue important expansion opportunities.”
TIF will pay its next 38 cent dividend on April 10. The stock went ex-dividend on March 18. We expect TIF to declare its next dividend in May.
Shares of TIF were down $2.87, or -3.32% during premarket trading Friday. The stock is down 19.17% YTD.