Tiffany Q2 Profit Increases; Raises FY EPS View - Quick Facts

(RTTNews) - Luxury jeweler Tiffany & Co. (TIF) reported that its second-quarter net earnings rose to $124.12 million or $0.96 per share, from $106.78 million or $0.83 per share, in last year's second quarter, benefiting from the sales growth and a higher gross margin. Analysts polled by Thomson Reuters expected the company to report earnings of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.

Worldwide net sales for the quarter increased about 7% to $992.93 million from $925.88 million in the previous year. Wall Street expected revenues of $987.88 million for the quarter.

On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into U.S. dollars , worldwide net sales increased 7% and comparable store sales increased 3% largely due to growth in the Americas and Asia-Pacific regions.

For the fiscal year ending January 31, 2015, the company now forecasts net earnings to be in a range of $4.20-$4.30 per share, versus its most recently-published forecast of $4.15-$4.25 per share. Analysts project annual earnings per share of $4.29. The full year forecast is based on assumptions that worldwide net sales increasing by a high-single-digit percentage.