Newspaper article Charleston Gazette Mail

Foreign Sales, Strong Dollar Hinder Luxury Jeweler Tiffany in 3rd Quarter

Newspaper article Charleston Gazette Mail

Foreign Sales, Strong Dollar Hinder Luxury Jeweler Tiffany in 3rd Quarter

Article excerpt

NEW YORK - Tiffany's fiscal third-quarter results missed analysts' estimates, hampered by a strong dollar and uncertain economic conditions. The luxury jeweler also lowered its full-year earnings guidance. CEO Frederic Cumenal said in a statement that the strong dollar pressured its results when having to translate foreign sales into U.S. dollars and on foreign tourist spending in the U.S.

He also said that uncertain economic and market conditions in the U.S. and other regions are impacting consumer spending.

Tiffany earned $91 million, or 70 cents per share, for the period ended Oct. 31. A year earlier the New York-based company earned $38.3 million, or 29 cents per share. Excluding a charge, the prior- year's results were 76 cents per share.

The current quarter's performance missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.

Revenue totaled $938.2 million. This was short of the $972 million that Zacks was looking for. …

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