Stock To Watch: Tiffany & Co. (NYSE:TIF) by EpicStockPicks
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On Thursday the Company reported net sales and earnings growth for its first quarter ended April 30, 2011, which was more than the expected figures. While its net sales were at an increase of 20% worldwide to $761.0 million, its net earnings was at an increase of 26% to $81.1 million, or $0.63 for each diluted share, compared to $64.4 million, or $0.50 for each diluted share, in the prior year. This increase was mainly because of the sales growth and improved margins. Moreover the management has increased the earnings forecast for fiscal 2011.
On a constant-exchange-rate basis, excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales and comparable store sales increased 16% and 15%.
Expenses related to the upcoming relocation of Tiffany’s New York headquarters staff were included in the earnings in the first quarter of $0.04 per share.
However earnings in the first quarter of 2010 included a net tax benefit of $0.02 per share. Apart from the effects of these nonrecurring items in both years, net earnings rose 39% in the quarter.
Tiffany & Co. is a holding company and conducts all business through its subsidiary companies. The Company, through its subsidiaries, including Tiffany and Company (Tiffany), sells fine jewelry and other items that it manufactures or has been made by others. Its segments include Americas, Asia-Pacific, Japan and Europe.
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