Tiffany TIF reported second-quarter earnings of $1.12 per share, which beat the analyst consensus estimate of $1.05 by 6.67%. This is a 4.27% decrease over earnings of $1.17 per share from the same period last year.
The company reported quarterly sales of $1 billion, which missed the analyst consensus estimate of $1.06 billion by 5.66%. This is a 7.06% decrease over sales of $1.076 billion the same period last year.
"Our second-quarter and first half results were mixed with sales coming in below, but net earnings exceeding, our expectations,” said CEO Alessandro Bogliolo. “As with the first quarter, we are encouraged in the second quarter by sales growth attributed to our local customer base globally, which was again led by double digit growth in mainland China.
"With the tough comparison to last year's strong performance in the first half behind us, and in spite of the headwinds of weak demand from foreign tourists, currency exchange rate pressures and continuing business disruptions in Hong Kong, we are actively managing what is in our control and positioning our Brand to win - accelerating new product introductions and keeping a visible profile."
Tiffany shares were trading up 1.85% at $84.20 in Wednesday’s pre-market session. The stock has a 52-week high of $138.41 and a 52-week low of $73.04.
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