Tiffany & Co. Q2 Profit Tops Estimates; Comps. Down 24% - Quick Facts

(RTTNews) - Tiffany & Co. (TIF) reported second quarter net earnings per share of $0.26 compared to $1.12, a year ago. Excluding items, second quarter earnings was $0.32 per share. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.19, for the quarter. Analysts' estimates typically exclude special items.

Second quarter net sales were $747.1 million compared to $1.05 billion, a year ago. Analysts expected revenue of $772.39 million, for the quarter. Worldwide net sales declined 29% and comparable sales were down 24% year-on-year. On a constant-exchange-rate basis, worldwide net sales declined 28% and comparable sales fell 23%.

The company currently anticipates fourth quarter sales to reflect a mid single-digit decline as compared to the same quarter for fiscal 2019, while earnings per share is anticipated to show a high single-digit improvement on an as reported basis and a low single-digit improvement on a non-GAAP basis as compared to prior year.