Tiffany & Co. Reiterates 2019 Expectations - Quick Facts

(RTTNews) - Tiffany & Co. (TIF) announced, for fiscal 2019, the company expects: worldwide net sales increasing by a low-single-digit percentage over the prior year as reported (and slightly higher on a constant-exchange-rate basis); and net earnings per diluted share increasing by a mid-single-digit percentage. Tiffany & Co. projects an expected decline in net earnings per diluted share in the first half of the year, reflecting sales pressures as well as expenses related to higher strategic investment spending that began in the second quarter of 2018, among other factors. The company assumes a low-single-digit increase in comparable sales, for fiscal 2019.

Tiffany & Co. also expects: net cash provided by operating activities of at least $750 million and free cash flow of at least $400 million for fiscal 2019.

Fourth-quarter net earnings per share were $1.67 compared to $0.50, prior year. The company noted that its net earnings in 2018 benefited from a lower effective income tax rate, which included an $8 million benefit, or $0.07 per diluted share, resulting from adjustments recorded in the fourth quarter of 2018 to the net charge of $146 million, or $1.17 per diluted share, recorded in the fourth quarter of 2017.

The company recorded a 1% worldwide net sales decline to $1.3 billion, for the fourth-quarter. Comparable sales declined 1%. On a constant-exchange-rate basis, worldwide net sales rose 1% and comparable sales were unchanged, for the quarter.

For fiscal 2018, net earnings per diluted share were $4.75, compared to $2.96 a year ago. Worldwide net sales rose 7% to $4.4 billion, and comparable sales rose 4%. On a constant-exchange-rate basis, worldwide net sales and comparable sales rose 6% and 4%, respectively, for the full year.