Tiffany & Co. Q2 Net Income Decreases - Quick Facts

(RTTNews) - Tiffany & Co. (TIF) reported second quarter net earnings of $105 million, or $0.81 per share, compared to $124 million, or $0.96 per share, a year ago, due to higher SG&A expenses. Excluding a $0.05 per share impairment charge recorded for a loan to a diamond mining company, net earnings per share was $0.86, for the quarter.

On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $0.91 for the quarter. Analysts' estimates typically exclude special items.

Worldwide net sales were $991 million compared to $993 million in the prior year. On a constant-exchange-rate basis, both worldwide net sales and comparable store sales increased 7%. Analysts expected revenue of $1.00 billion for the quarter.

For the year ending January 31, 2016, the company now expects net earnings to be 2%-5% below last year's $4.20 per share. The forecast assumes no growth in net earnings in the third quarter, and a resumption of growth in the fourth quarter. Analysts expect the company to report fiscal year earnings per share of $4.26.