Tiffany posts 4Q loss due to large charge

Published on NewsOK Modified: March 21, 2014 at 6:48 am •  Published: March 21, 2014
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NEW YORK (AP) — Tiffany & Co. posted a loss for its fiscal fourth quarter, dragged down by a hefty charge tied to an unfavorable arbitration ruling. But its sales improved during the critical holiday selling season.

Even without the charge, its adjusted earnings missed Wall Street expectations. Its forecast for this year also was short of expectations. Tiffany's shares fell more than 3 percent in Friday premarket trading.

For the three months ended Jan. 31, the luxury jewelry company — known for its little blue boxes — lost $103.6 million, or 81 cents per share. A year earlier it earned $179.6 million, or $1.40 per share.

Removing the charge of $2.27 per share for the unfavorable arbitration ruling, earnings were $1.47 per share. Analysts surveyed by FactSet expected higher earnings of $1.51 per share.

Tiffany's stock declined $3.17, or 3.5 percent, to $88 in premarket trading two hours before the market open.

Revenue climbed 5 percent to $1.3 billion from $1.24 billion, led by strong sales of fine and statement jewelry as well as jewelry collections. That matched Wall Street's expectations.

Sales increased in the Americas, Asia Pacific and Europe. Sales declined in Japan due to the weaker yen, but climbed on a constant exchange rate basis.

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