Tiffany Sees Q3 Profit Below Prior Year; Lift FY Profit View

(RTTNews) - Tiffany & Co. (TIF) said that it expects net earnings and earnings per share for the third quarter to be below the prior year. Meanwhile it increased its net earnings outlook for the full year ending January 31, 2019.

Net earnings and earnings per share in the third quarter are expected to be below the prior year. The expectations are approximations and are based on the Company's plans and assumptions for the full year, including: mid-to-high-single-digit comparable sales growth, with varying degrees of growth in all regions.

The company raised its net earnings per share for fiscal 2018 to a range of $4.65 - $4.80 per share from a previous range of $4.50 - $4.70 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $4.75 per share for 2018. Analysts' estimates typically exclude special items.

The company projects worldwide net sales for fiscal 2018 increase by a high-single-digit percentage over the prior year both as reported and on a constant-exchange-rate basis.