Tiffany's stock falls after same-store sales drop more than expected
Shares of Tiffany & Co. TIF, +1.19% dropped 4.6% in premarket trade Tuesday, after the luxury jewelry retailer reported fiscal first-quarter earnings that beat expectations and sales that fell a bit shy, and same-store sales that fell well more than expected, offsetting a dividend hike. Net income for the quarter to April 30 fell to $125.2 million, or $1.03 a share, from $142.3 million, or $1.14 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.01.
0% decline; in Europe fell 7% versus expectations of a 0.9% decline; in Japan dropped 4% to miss expectations of a 1.5% fall. For fiscal 2019, Tiffany expects overall sales to rise in the low-single-digit percentage range, while the FactSet sales consensus of $4.97 billion implies 4.6% growth. "Our first quarter results reflect significant foreign exchange headwinds and dramatically lower worldwide spending attributed to foreign tourists," said Chief Executive Alessandro Bogliolo.
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