Tiffany Cuts FY15 Adj. EPS View, Two-month Holiday Net Sales Down

(RTTNews) - Jewelry retailer Tiffany & Co. (TIF) Monday revised its adjusted earnings forecast for the year 2015, below consensus, and said its sales result for the two month holiday period slid 1 percent.

For the year ending January 31, 2015, the company now expects adjusted earnings per share of $4.15 - $4.20, excluding a loss of $0.47 after-tax on the extinguishment of long-term debt recorded in the third quarter. This compares with its previous forecast of $4.20 - $4.30 per share. On average, 26 analysts polled by Thomson Reuters currently expect earnings of $4.32 per share for the year. Analysts' estimates typically exclude special items.

For the two-month holiday period ended December 31, Tiffany's worldwide net sales edged down 1% to $1.02 billion. On a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales were up 3% and comparable store sales were same as last year, the company reported.

Michael Kowalski, chairman and chief executive officer, said, "... In terms of regional performance, Asia-Pacific showed solid sales growth, sales in Japan continued to be weak, European sales rose nicely in local currencies and sales in the Americas declined slightly after a very strong start to the year. "