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Tiffany's Earnings Beat, Ups Outlook
By Zacks Equity Research
November 26, 2013 12:33 PM
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tiffany tiffany co Tiffany & Company ( TIF ) posted better-than-expected third-quarter fiscal 2013 results due to surge in demand in the Asia-Pacific region. The quarterly earnings of 73 cents a share surpassed the Zacks Consensus Estimate of 58 cents and soared 49% from 49 cents in the prior-year quarter benefiting from higher sales and improved operating margin. Consequently, management provided an upbeat guidance. tiffany rings Shares of Tiffany jumped 7.1% to $86.75 during pre-market trading hours. tiffany Let’s Unveil the Picture replica tiffany Tiffany posted net sales of $911.5 million during the quarter, up 7% from the prior-year quarter, on the heels of healthy performance of stores in the Americas, Asia-Pacific and Europe regions and due to new collection launches. Total revenue also came ahead of the Zacks Consensus Estimate of $892 million. In constant currencies, net sales jumped 11%, whereas comparable-store sales climbed 7%. replica tiffany By geographic segment, sales in the Americas grew 4% to $417 million, while comps rose by 1%; sales in the Asia-Pacific region climbed 27% to $238 million, whereas comps increased 20%; sales in Japan declined 13% to $128 million and comps dipped 16%; and sales in Europe jumped 7% to $104 million and comps increased 4%. Other sales surged 14% to $24 million. In constant currencies, sales in the Americas rose 5%, whereas comps grew 1% during the quarter; sales in the Asia-Pacific region grew 29%, whereas comps rose 22%; sales in Japan advanced 9%, while comps grew 5%; and sales in Europe climbed 4%, whereas comps rose 2%. Gross profit for the quarter increased 11.9% to $519.5 million, while gross margin expanded 260 basis points to 57% due to lower product cost and increase in prices. Operating income jumped 31% to $153.6 million, whereas operating increased 310 basis points to 16.9%. Stores Update Tiffany opened 6 outlets during the quarter. The company plans to add net 14 stores in fiscal 2013 with 6 in the Americas, 7 in Asia-Pacific, 3 in Europe and closing 1 location each in Asia-Pacific and Japan. As of Oct 31, 2013, the company operated 283 stores (120 in the Americas, 68 in Asia-Pacific, 54 in Japan, 36 in Europe and 5 in the U.A.E.). Other Financial Details Tiffany ended the quarter with cash and cash equivalents of $521.2 million, and total short-term and long-term debt of $1,007.7 million, reflecting 36% of shareholders equity compared with 40% in the prior-year. Management forecasted capital expenditures of approximately $225 million and free cash flow of $300 million for fiscal 2013. Strolling Through Guidance Tiffany now projects fiscal 2013 earnings between $3.65 and $3.75 per share, up from its previous forecast of $3.50 to $3.60. The current Zacks Consensus Estimate for fiscal 2013 is $3.62 per share. Tiffany now expects total net sales growth in mid-single digit for fiscal 2013. In constant currencies, total net sales are projected to increase in the high-single-digit. Operating earnings is envisioned to grow at a rate higher than that of sales. Tiffany currently has a Zacks Rank #3 (Hold). Other better ranked retail stocks that look promising and are expected to continue with their upbeat performance include Hanesbrands Inc. ( HBI ), carrying a Zacks Rank #1 (Strong Buy), DSW Inc . ( DSW ) and Five Below, Inc. ( FIVE ), both sporting a Zacks Rank #2 (Buy). Read the Full Research Report on TIF Read the Full Research Report on FIVE Read the Full Research Report on DSW Read the Full Research Report on HBI Zacks Investment Research Finance Trading Finance
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