Recently, the board of directors at
Tiffany & Co.
) appointed Frederic Cumenal as the company's president and
nominated him to an additional seat created in the board. Now,
the company has 10 directors altogether in its board.
Cumenal had joined Tiffany as the Executive Vice-President in
2011. Prior to this, he served as President and Chief Executive
Officer (CEO) of Moet & Chandon, S.A. of the LVMH Group.
As President, Cumenal will continue to shoulder all his regional
responsibilities and will supervise the Design, Merchandising and
Marketing operations as well. Cumenal will report directly to CEO
Michael J. Kowalski.
Though Cumenal's association with Tiffany has been brief, the
company expects his vast experience as well as expertise to boost
the company's future prospects.
Earlier this month, Tiffany appointed noted jewelry designer
Francesca Amfitheatrof as Design Director.
Last month, Tiffany posted second-quarter fiscal 2013 earnings.
The results were better-than-expected due to rise in demand in
the Asia Pacific region, especially in Greater China. The
quarterly earnings of 83 cents per share surpassed the Zacks
Consensus Estimate of 74 cents, and rose 15.3% from 72 cents in
the prior-year quarter driven by higher sales and improved
operating margin. Consequently, management provided an upbeat
Tiffany now projects fiscal 2013 earnings between $3.50 and $3.60
per share, up from its previous forecast of $3.43 to $3.53. The
current Zacks Consensus Estimate for fiscal 2013 is $3.61 per
Tiffany now expects total net sales growth in mid single digits
for fiscal 2013. In constant currencies, total net sales are
projected to increase in the high single-digit range. Operating
earnings are expected to grow at a rate higher than that of
Tiffany currently has a Zacks Rank #2 (Buy). Other retail stocks
that look promising and are expected to continue with their
upbeat performance include
Citi Trends, Inc.
Christopher & Banks Corp.
). All these carry a Zacks Rank #1 (Strong Buy).
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