Tiffany (TIF - Get Report), the upscale jewelry retailer, said same-store sales for the two months ended Dec. 31 rose 4%, while worldwide sales increased 7% to $952 million. However, the increase in sales won't be enough for the jewelry retailer to meet Wall Street earnings estimates for the 2012 fiscal year, Tiffany said. The New York-based company sees 2012 adjusted earnings of $3.60 to $3.65 a share, down from its November estimate of at least $3.70 a share. The company said "restrained spending" in the U.S. and Europe weakened sales. Tiffany shares were dropping 8% to $61.60 in premarket trades.
Juniper Networks (JNPR - Get Report), the communications networking equipment maker, lowered its fourth-quarter outlook, citing weak demand from service providers. Juniper said it now expects non-GAAP earnings of 26 cents to 28 cents a share in the quarter on revenue ranging from $1.11 billion to $1.12 billion. In October, the company forecast non-GAAP earnings of 32 cents to 36 cents a share for the period on revenue of between $1.16 billion to $1.22 billion. Analysts polled by Thomson Reuters forecast a profit of 34 cents a share in the December-ended period on revenue of $1.19 billion. Juniper, which plans to report its full results on Jan. 26, also said it now sees non-GAAP operating gross margin coming in below its prior projection of 21% to 23% because of the reduced revenue view. Shares were falling 0.8% to $21.35 in premarket trading.
Lululemon (LULU - Get Report) raised its financial guidance for the fourth quarter ending Jan. 29 based on strong sales. The Canadian yoga apparel company said it now sees diluted earnings of 47 cents to 49 cents a share, up from its previous forecast of at most 42 cents a share. Meanwhile, the retailer expects net revenue of $358 million to $363 million, up about 46% from the $245 million reported in the comparable quarter last year. "Guests have responded exceptionally well to the robust assortment and bright color palette for holiday, and momentum continues with the new spring product offerings," Chief Executive Officer Christine Day said in a statement. Lululemon shares were climbing 9.1% to $58.30 in premarket trading.
Siemens' (SI) Financial Chief Joe Kaeser warned the company's "guidance is very ambitious," in an interview with The Wall Street Journal. Kaeser warned of potential sales and revenue weakness for Siemens's full-year earnings targets. The German industrial conglomerate expects industrial demand to be slow in the first half of 2012 due to the European debt crisis, Kaeser said, the newspaper said. The shares were losing 0.7% to $96.58 in premarket trading.
Philips Electronics (PHG - Get Report), the world's No. 1 lighting maker, warned fourth-quarter profit would be soft because of weakness in European markets. "Our expected fourth quarter financial results have been affected by the weakness in Europe, which has impacted our health care business, as well as pricing in our consumer lighting business," said CEO Frans van Houten in a statement. Philips said it expected fourth-quarter underlying earnings of about 500 million euros, down from 910 million euros a year earlier. The Amsterdam-based company said free cash flow in the quarter would be 1 billion euros, down from 1.2 billion a year earlier. Philips shares were slipping 4.3% to $19.29.
Liz Claiborne (LIZ) issued a disappointing financial outlook because of negative same-store sales performance and soft margins for its Juicy Couture brand. It also said Chief Financial Officer Adam Warren is leaving by mutual agreement. The company now sees fiscal 2011 pro forma adjusted earnings before interest, taxes, depreciation and amortization at the low end of its previously disclosed range of $80 million to $90 million. Direct-to-consumer same-store sales for Juicy Couture were down 7% and 5% in November and December, respectively. For fiscal 2012, Liz Claiborne now sees adjusted EBITDA of $125 million to $140 million vs. a prior projection of $130 million to $150 million. The women's retailer said CFO Warren is leaving on March 16 to pursue an opportunity in the media industry, and the company has initiated a search for a replacement. The company expects its name change to Fifth & Pacific Cos. to take place around mid-May/ The shares were tumbling 9.9% to $8.95.
Cirrus Logic (CRUS - Get Report) boosted its fiscal third-quarter sales outlook and lifted its fourth-quarter forecast, saying "demand remains robust following the holiday season." The audio chip maker said it expects to report about $122 million in revenue for the fiscal third quarter ended Dec. 31, compared to $95.6 million the same quarter a year ago. Previously, Cirrus saw revenue of at most $108 million. Also, based on sales so far this year Cirrus sees revenue of $105 million in the fiscal fourth quarter ending in March. The company will report full third-quarter results Jan. 26. Cirrus shares were surging 11% to $18.85 in early trading.
-- Written by Joseph Woelfel and Kaitlyn Kiernan >To contact the writer of this article, click here: Joseph Woelfel or Kaitlyn Kiernan >To submit a news tip, send an email to: firstname.lastname@example.org. >To submit a news tip, send an email to: email@example.com.