Tiffany's Earnings Report Beats Estimates
Tiffany & Co. (NYSE: TIF) reported financial results Friday morning for the fourth quarter.
In this quarter, EPS hits $1.40 as oppose to analyst estimate of $1.36. Revenue for 4Q lands on $1.20 billion versus the estimate of $1.25 billion.
The company released guidance with top end of the range, EPS of $3.42-$3.53, going above the consensus estimates of $3.50.
On a more bullish side, the company's worldwide net sales growth of six to eight percent. Asian sales were up 13 percent and may contribute to the expected high percentage increase in worldwide net sales.
Gross margin dropped down to 59.1 percent in this quarter from its 60.4 percent previously.
Overall, this jeweler and specialty retailer's quarterly profit beats estimates. CEO Michael J. Kowalski is confident that the company will increase important growth in 2013 with an increasing net inventories.
Most ratings for the stock are Neutral and Hold. Nonetheless, a five percent rally this morning makes this stock a worthwhile note.
Tiffany & Co. closed Thursday at $67.91 and is currently up 4.36 percent in pre-market trading.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.