The return of luxury investing continues. Shares of Tiffany & Co. (“>TIF) are up $2.42, or 6%, at $44.25, after the company this morning announced Q3 sales and profit that easily beat estimates and raised this year’s outlook well above analysts’ estimates, which would suggest a fair deal of confidence about the holidays.
Q3 revenue fell 3%, year over year, to $598 million, easily beating the $575 million analysts’s projected, and yielding profit per share of 33 cents, ahead of the average 24-cent estimate. For the full year ending in January, the company raised its forecast frm EPS of $1.65 to $1.75 to a new range of $1.88 to $1.98, ahead of the average $1.77 estimate. This quarter, the company sees a “mid single digit percentage increase” in sales worldwide. Analysts currently are expecting a 6% rise in sales from last year, to $892 million, so Tiffany’s view is about in line with that.
No comments:
Post a Comment