- Tiffany's Americas segment had its first negative same-store sales resLIt since the fiscal third quarter of 2009. (Yes, that would be during the "Great Recession.")
- It's apparent that a resistance to tempering new store opening plans globally is raising the hurdle rate for leverage -- that is, it's driving operating-margin expansion.
- Same-store sales at the New York flagship and branch stores declined at a faster rate relative to the first quarter. Although the tourist travel and spending issue is top of mind amongst investors, branch-store sluggishness deserves more attention -- regarding financial industry considerations, for example. Moreover, when opting for a discretionary purchase, an aspirational customer is reaching for a pair of shoes or a Michael Kors (KORS) handbag.
- The fiscal 2012 earnings-per-share range dropped for the second time this year due to more caution around operating margin. It makes one wonder about third-quarter trends to date.
- If Tiffany is having a volume problem, that is exposing a rising cost base -- price increases are the norm.
- Inventories weren't exactly in line to guidance provided on the fiscal first-quarter earnings call, and likely were elevated as demand again surprised negatively.
The Day Ahead: Go Scream at a Fellow Investor
Aug 28, 2012 | 09:12 AM EDT
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