Pedestrians pass in front of the Tiffany & Co. flagship store on Fifth Avenue in New York, U.S., on Saturday, Nov. 26, 2016.
Mark Kauzlarich | Bloomberg | Getty Images
Tiffany & Co. on Wednesday reported quarterly earnings that topped analysts’ expectations but sales that missed, also maintaining its previously lowered outlook for the full year.
Its shares jumped more than 5% in premarket trading on the news.
Here’s how Tiffany did for its fiscal second quarter compared with what analysts were expecting, based on Refinitiv data:
- Earnings per share: $1.12 vs. $1.04 expected
- Revenue: $1.05 billion vs. $1.06 billion expected
- Global same-store sales: down 4% vs. a drop of 1.3% expected
“With the tough comparison to last year’s strong performance in the first half behind us, and in spite of the headwinds of weak demand from foreign tourists, currency exchange rate pressures and continuing business disruptions in Hong Kong, we are actively managing what is in our control and positioning our brand to win,” CEO Alessandro Bogliolo said in prepared remarks.
Tiffany shares, valued at $10.1 billion, have dropped more than 35% over the past 12 months.
Earlier this year, Tiffany trimmed its full-year outlook, citing the impact it will face due to increased tariffs. It also has blamed a strong U.S. dollar and lower spending by tourists as hampering recent results. Its largest market, the Americas, has also seen sales declines of late, despite Tiffany’s efforts to sell more directly to consumers and to revamp its flagship Fifth Avenue shop in Manhattan.
This is a developing story. Please check back for updates.