--> TIF +6.35% in pre-markt
Tiffany & Co beats by $0.11, beats on revs; reaffirms FY16 guidance
- Reports Q1 (Apr) earnings of $0.81 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.70; revenues fell 4.9% year/year to $962 mln vs the $918.83 mln consensus. Gross margin (gross profit as a percentage of net sales) increased to 59.1% from 58.2% in last year's first quarter.
- Co reaffirms guidance for FY16, sees EPS of minimal growth from $4.20 last year vs. $4.17 Capital IQ Consensus Estimate. This forecast anticipates net earnings in the second quarter declining at a more moderate rate than in the first quarter, followed by expected double-digit percentage net earnings growth in the second half of the year. This forecast reflects no material changes from the previously-disclosed (on March 20, 2015) assumptions for sales growth, store openings, earnings from operations, interest and other expenses, net, the effective tax rate, net inventories, capital expenditures and free cash flow, all of which are approximate and may or may not prove valid.... "we believe we can return to a healthier rate of double-digit EPS growth over the long-term."
- In the Americas, on a constant-exchange-rate basis total sales rose 3% and comparable store sales were 1% above the prior year. In the Asia-Pacific region, sales on a constant-exchange-rate basis increased 4% in total and 2% on a comparable store basis. In Japan, on a constant-exchange-rate basis total sales declined 18% and comparable store sales declined 24%.