High-end fine jewelry retailer Tiffany (TIF) reported stellar sales for the holiday quarter jumping 8.5% year-over-year to $1.33 billion, driven by a 10% sales increase in the Asia-Pacific region, mainly helped by the strong growth in China. The Americas region, which contributes to about half of Tiffany’s total sales, grew marginally for the quarter by about 2%, helping in the sales increase.
The company’s profit was impacted by a $146 million or $1.17 per share income tax charge related to the recent tax reforms. Consequently, earnings plunged 60.7% to $61.9 million or $0.50 per share. However, on an adjusted basis, the company reported earnings of $1.67 per share, up 15.1% year-over-year.
Comparable store sales rose 3% for the recently ended quarter. On a constant-exchange-rate basis, worldwide net sales rose 6% and comparable store sales were 1% above the prior year.
For the year 2017, Tiffany opened nine new stores, while it closed seven stores. At year-end 2017, the company had a total of 315 stores.
Tiffany gave upbeat guidance for fiscal year 2018, with earnings per share expectation of between $4.25 and $4.45 and year-over-year net sales growth of mid-single digit percentage.
Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a
PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the
With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,