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Tiffany & Company (TIF) Misses on Q3 Earnings & Revenues

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!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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