Tiffany & Co (TIF $67.25 +4.14) reported second quarter earnings of
$0.86 per share, excluding non-recurring items, $0.17 better than the Capital IQ
Consensus Estimate of $0.69.
Revenues rose 30.5% year/year to $872.7 million versus the $785.6 million
consensus.
For its fiscal year 2012, the company raised its earnings guidance to $3.65 to
$3.75, excluding non-recurring items, from $3.45 to $3.55 versus the $3.55
Capital IQ Consensus Estimate, with high teens net sales growth in USD (up from
mid-teens) vs. the +15.7% consensus.
Gross margin (gross profit as a percentage of net sales) was 59.0% in the second
quarter and 58.7% in the first half, compared with 57.8% in both of the
respective periods last year. The increases were due to sales leverage on fixed
costs. The company repurchased ~330,000 shares of its Common Stock in the second
quarter at a total cost of $24.5 million, or an average cost of $74.29 per
share.






