Tiffany Q3 Declines; Backs FY Outlook - Quick Facts

(RTTNews) - Luxury jeweler Tiffany & Co. (TIF) reported that its third-quarter net earnings were $38.3 million or $0.29 per share, compared with $94.6 million or $0.73 per share, in comparable quarter last year. On average, 26 analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

Worldwide net sales for the quarter rose 5% to $959.59 million from $911.48 million in the previous year. Wall Street expected revenues of $968.86 million for the quarter.

On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 7% due to growth in all regions except , with the largest growth in the fashion jewelry category, and comparable store sales rose 4%.

For the fiscal year ending January 31, 2015, the company is maintaining its previous guidance and continues to expect net earnings in a range of $4.20-$4.30 per share and worldwide net sales to increase by a high-single-digit percentage. Analysts project annual earnings per share of $4.34.