Tiffany Slips To Loss In Q4; To Buy Back Shares - Quick Facts

(RTTNews) - Luxury jeweler Tiffany & Co. (TIF) posted net loss of $103.6 million, or $0.81 per share in the fourth quarter, as against a profit of $179.64 million, or $1.40 per share, last year, due to a recorded charge pertaining to a ruling in an arbitration proceeding. However, excluding that and specific charges recorded in the first quarter, net earnings increased 6% in the fourth quarter, reflecting the sales growth and improved operating margins.

On average, 23 analysts polled by Thomson Reuters expected earnings per share of $1.52 for the quarter. Analysts' estimates typically exclude one-time items.

Worldwide net sales rose 5% to $1.3 billion in the quarter, from the previous year's $1.235 billion, while 20 analysts estimated revenues of $1.31 billion. On a constant-exchange-rate basis, excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales went up 9%, and comparable store sales grew 6% due to higher sales in all regions.

For 2014, the firm forecasts net earnings in a range of $4.05 - $4.15 per share, whereas 29 analysts project annual earnings of $4.28 per share.

Separately, the company said its board has approved a new stock repurchase program, while the earlier program expired at the end of January 2014. The new program authorizes the buyback of up to $300 million of Tiffany's Common Stock via. open market transactions, effective immediately. The program would expire on March 31, 2017.