Tiffany Net Rises as Europe Sales Gain 29%
Stock quotes in this article:TIF
NEW YORK (TheStreet) -- Tiffany(TIF) saw its fourth-quarter earnings improve amid a 29% increase in European sales.
Tiffany reported net earnings of $140.4 million, or $1.10 a share, vs. $31.1 million, or 25 cents a share, a year earlier as sales in Europe increased 29% to $122.9 million. In total, fourth-quarter net sales increased 17% to $981.4 million. Earnings in the year-earlier fourth quarter were reduced by nonrecurring items of 56 cents a share. Analysts surveyed by Thomson Reuters were expecting fourth-quarter earnings of $1.13 a share on revenue of $970.93 million. Tiffany expects worldwide sales to increase by about 11% and net earnings from continuing operations of $2.45 to $2.50 a share in its next fiscal year, with sales increasing by a low-double-digit percentage in the Americas, a high-single-digit percentage in Asia-Pacific, and a mid-teens percentage in Europe. -- Reported by Andrea Tse in New York Follow TheStreet.com on Twitter and become a fan on Facebook.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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