Tiffany & Co misses by $0.01, reports revs in-line, comparable store sales +6%; reaffirms FY15 EPS guidance, slightly lowers FY15 sales guidance range
Reports Q3 (Oct) earnings of $0.76 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.77; revenues rose 5.3% year/year to $959.6 mln vs the $966.82 mln consensus. Gross margin (gross profit as a percentage of net sales) rose to 59.5% in the third quarter from 57.0% year ago.
- Co reaffirms FY15 EPS of $4.20-4.30 vs. $4.34 Capital IQ Consensus Estimate; sees FY15 revs of +mid to high single digit, prior +HSD vs. $4.36 bln Capital IQ Consensus Estimate. This full year forecast is based on the following assumptions: Operating margin increasing due to a higher gross margin, Net inventories increasing by a high-single-digit percentage, Capital expenditures of $250 million, versus $221 million last year, largely due to incremental investments in information technology systems, Free cash flowof at least $400 million when excluding the after-tax debt extinguishment charge.