Tiffany Net Rises as Europe Sales Gain 29%
NEW YORK (
) --
Tiffany
(TIF) - Get Report
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
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