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Tiffany boosts full-year guidance as earnings beat
6 hours ago
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[b][url=]tiffany and co[/url][/b] [b][url=]tiffany outlet store[/url][/b] Tiffany ( TIF ) delivered quarterly earnings that surpassed analysts' expectations on Wednesday, and the retailer raised its full-year outlook.
[b][url=]cheap tiffany & co[/url][/b] After the earnings announcement, the company's shares rose in pre-market trading. (Click here for the latest quote.) ( TIF ) [b][url=]tiffany and co outlet[/url][/b] Read More Earnings season: What we've learned
[b][url=]tiffany[/url][/b] The company posted second-quarter earnings of 96 cents per share, up from 83 cents a share in the year-earlier period. [b][url=]tiffany outlet locations[/url][/b] Revenue increased to $993 million from $926 million a year ago, while same-store sales increased 3 percent. Analysts had expected the upscale jeweler to report earnings of 85 cents a share on $988 million in revenue, according to a consensus estimate from Thomson Reuters. The company raised its full-year earnings per share guidance to $4.20 to $4.30 from $4.15 to $4.25. "We were ... pleased with solid performance across most product categories, ranging from the success of perennial classics in fine, statement and engagement jewelry to our newest Atlas collection," Chief Executive Michael Kowalski said in a statement. Lower-priced jewelry such as the Atlas collection - a range of silver jewelry including lariats and pendants priced below $500 - nets Tiffany higher margins than its more expensive pieces, for which it is famous. The company said comparable-store sales in the Americas region, which accounts for nearly half of Tiffany's overall sales, rose 8 percent in the second quarter ended July 31. Alibaba revenue soars ahead of IPO Same-store sales in the Asia Pacific region grew 7 percent, driven by strong demand in Greater China and Australia. Last month, Michael Kowalski, Tiffany's chief executive for the past 15 years, said he will retire in 2015 and named current President Frederic Cumenal as his successor. Kowalski spearheaded the company's expansion plan in Japan and China, which ultimately helped it to offset the impact of sluggish U.S. sales. -By CNBC. Reuters contributed to this report. CORRECTION: This story has been updated to reflect the company reported revenue of $993 million. Company Earnings Investment & Company Information
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