Tiffany (NYSE:TIF) announced first-quarter results that were below Wall Street expectations. The company reported a profit of $81.5 million, or 64 cents a share, last quarter, versus a profit of $81.1 million, or 63 cents a share, in the same period last year. Analysts had expected earnings per share of 69 cents. Revenue increased by 8% to $819.2 million, below expectations of $817 million and gross margins were 57.3% versus 58.3% in the same period last year. The company also lowered its 2012 EPS to $3.70 to $3.80, well below analyst expectations of $3.97. Previously, the company forecast earnings per share of $3.95 to $4.05.
Shares are lower by nearly 8.5 percent.
Competitors Zale (NYSE:ZLC) and Blue Nile (NASDAQ:NILE) also announced disappointing results this month.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.