Luxury jewelry retailer Tiffany & Co. (TIF) said comparable-store sales in the two-month holiday period ended Dec. 31, declined 2% and added that earnings for fiscal 2018 likely will be toward the lower end of previous guidance of $4.65 to $4.80 a share.
The company, in a press release Friday, said it expects worldwide net sales to rise 6% to 7% from the prior year.
Analysts surveyed by FactSet expect Tiffany to report fiscal-year earnings of $4.77 on sales of $4.5 billion.
The stock rose 5.4% in Friday trading to close at $89.82.
"With continued strong sales growth in mainland China (by a double-digit percentage), solid results in Japan and healthy growth in global e-commerce sales, overall holiday sales results came in short of our expectations which had called for modest year-over-year growth," said CEO Alessandro Bogliolo. "We attribute the difference partly to lower sales to foreign (primarily Chinese) tourists globally, and to softening demand attributed to local customers in the Americas and Europe, which we believe may have been influenced more than expected by external events, uncertainties and market volatilities."
For fiscal 2019, Tiffany said it sees worldwide net sales increasing by a low-single-digit percentage from 2018 and net earnings rising by a mid-single-digit percentage. The retailer said next earnings would decline in the first half of fiscal 2019.