Tiffany & CompanyTIF , the designer and retailer of fine jewelry, came out with third-quarter fiscal 2015 results, wherein adjusted earnings of 70 cents per share missed the Zacks Consensus Estimate of 74 cents, and slumped 7.9% year over year.
Management now anticipates earnings per share for fiscal 2015 to be 5%-10% below fiscal 2014's earnings of $4.20. For fiscal 2015, free cash flow is expected to be above $500 million.
Earnings Estimate Revision: The Zacks Consensus Estimate has witnessed a downtrend for fiscal 2015 in the last 30 days. In the trailing four quarters (excluding third under review), the company outperformed the Zacks Consensus Estimate by an average of 3.1%.
Revenues: Tiffany generated net sales of $938.2 million that fell short of the Zacks Consensus Estimate of $972 million and dipped 2.3% from last year, due to foreign currency headwinds.
In constant currencies, net sales and comparable-store sales jumped 4% each, on the back of strength witnessed in Japan, Europe and Asia-Pacific.
Key Events: Tiffany opened two company operated stores in the third-quarter, one in Santiago, Chile while other one in Macau. The company ended the second-quarter with 305 stores.
Also, the company repurchased shares worth $60 million in the quarter, following which, it had shares of about $157 million remaining under its three-year buyback program of $300 million.
Zacks Rank: Currently, Tiffany carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement.
Check back later for our full write up on Tiffany's earnings report!