This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tiffany Reports Fourth Quarter And Full Year Results; Management Provides Its Financial Outlook For 2013

Tiffany & Co. (NYSE: TIF) today reported its financial results for the fourth quarter and fiscal year ended January 31, 2013. In the quarter, worldwide net sales increased 4% and net earnings rose 1%. In the year, worldwide net sales increased 4% while net earnings declined 5% (or 11% when excluding nonrecurring items in the prior year – see “Non-GAAP Measures” schedule). Earnings per diluted share were $1.40 in the quarter and $3.25 in the year. Management also provided its financial forecast for the fiscal year ending January 31, 2014.

In the three months (“fourth quarter”) ended January 31, 2013:
  • Worldwide net sales rose 4% to $1.2 billion. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP Measures” schedule), worldwide net sales rose 5% due to growth in all regions and comparable store sales equaled the prior year.
  • Net earnings increased 1% to $180 million, or $1.40 per diluted share, versus $178 million, or $1.39 per diluted share, in the prior year.

In the 12 months (“full year”) ended January 31, 2013:
  • Worldwide net sales increased 4% to $3.8 billion. On a constant-exchange-rate basis, worldwide net sales increased 5% due to growth in all regions and comparable store sales rose 1%.
  • Net earnings declined 5% to $416 million, or $3.25 per diluted share, from $439 million, or $3.40 per diluted share, in the prior year.
  • Net earnings in fiscal 2011 had included $26 million, or $0.20 per diluted share, for nonrecurring items related to the relocation of Tiffany’s New York headquarters staff. Excluding those nonrecurring items, net earnings of $3.25 per diluted share were 10% below last year’s $3.60.

Michael J. Kowalski, chairman and chief executive officer, said, “These quarterly sales results were consistent with the holiday trends we had issued in early January. While financial results in fiscal 2012 were disappointing due to lower-than-expected sales growth and pressures on gross margin, we continued to maintain a longer-term focus on strengthening global awareness of the TIFFANY & CO. brand and on further developing compelling product offerings.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs