Tiffany & Co. (TIF) reported second quarter 2018 revenues and earnings that topped market expectations and sent the stock climbing 5% during the premarket trade. Worldwide net sales grew 12% to $1.1 billion versus the prior-year period, helped by growth across all regions and categories.
Comparable sales grew 8%.
Net earnings came in at $145 million or $1.17 per share, up 26% from the same period last year, aided by higher sales and margins along with lower tax rates, partially offset by increases in investment spending.
Alessandro Bogliolo, Chief Executive Officer, said, “We are pleased with initial customer reactions to our new communication, product and in-store initiatives. The launch of PAPER FLOWERS, a floral collection in platinum and diamonds, is moving toward full global distribution and we believe our evolved brand message is gaining momentum.”
Tiffany saw sales growth across all geographic regions with the highest in Asia-Pacific at 28%. The sales increases were driven by higher spending by locals, new store openings and positive currency effects. Sales in Europe saw negative impacts from lower tourist spending. During the first half of the year, Tiffany opened seven company-operated stores and closed two.
For the full-year of 2018, Tiffany expects worldwide net sales to increase in the high single-digit range and comparable store sales to grow in the mid to high single digit range. The company raised its net earnings outlook to a range of $4.65 to $4.80 per share from the previous range of $4.50 to $4.70 per share. For the third quarter, net earnings are expected to come in below the prior year.
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