Share “Tiffany 4Q net income rises less than 1 pct”

Tiffany 4Q net income rises less than 1 pct

Published on NewsOK Modified: March 22, 2013 at 4:52 pm •  Published: March 22, 2013
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Total sales in Japan declined 6 percent to $192 million in the fourth-quarter, reflecting a weaker Japanese yen versus the U.S. dollar and increased 4 percent to $639 million or 17 percent of worldwide sales in the full year. However, on a constant exchange rate basis, total sales rose 2 percent in the quarter and 6 percent in the full year. On that basis, revenue at stores opened at least a year rose 2 percent and 7 percent in the quarter and full year respectively.

In Europe, total sales rose 3 percent to $146 million in the fourth quarter due to mixed performance by country and also rose 3 percent to $432 million or 11 percent of worldwide sales in the full year. On a constant exchange rate basis, total sales rose 3 percent and 7 percent in the quarter and full year respectively. Revenue at stores opened at least year were unchanged in the quarter and rose 2 percent in the full year.

The New York-based jewelry company also says it expects its first-quarter earnings from operations will fall about 15 percent to 20 percent as a result of profitability pressures and higher marketing costs, but pick up later in the year.

For the current year, Tiffany expects sales growth of 6 percent to 8 percent, which means that sales are expected to be anywhere from $4.02 billion to $4.09 billion. Analysts project $4.02 billion

It expects full-year earnings of $3.43 per share to $3.53 per share. Analysts expect $3.46 per share.

Tiffany shares rose $1.32, or 1.9 percent, to close at $69.23 Friday.