298
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
By
Reuters
Published
Mar 16, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

Tiffany's same-store sales, forecast disappoint

By
Reuters
Published
Mar 16, 2018

Tiffany & Co missed analysts’ estimates with quarterly same-store sales numbers on Friday and forecast a full-year profit largely below expectations, as the upscale jeweler invests heavily to turn around its business.


Photo: Tiffany & Co


The company’s shares were down more than 6 percent in premarket trading.

Tiffany, which has been marred by several quarters of declining sales, has been taking numerous steps to diversify its revenue stream by introducing cheaper silver jewelry as well as everyday home items to appeal to a wider customer base.

However, the investments are expected to take a toll on the company’s earnings, Chief Executive Officer Alessandro Bogliolo said.

“Increasing investment now in certain areas, such as technology, marketing communications, visual merchandising, digital and store presentations, ... will hinder pre-tax earnings growth in the near-term,” Bogliolo said.

Tiffany forecast full-year profit between $4.25 and $4.45 per share, compared to analysts’ estimate of $4.37 per share, according to Thomson Reuters I/B/E/S.

Same-store sales, on a constant currency basis, rose 1 percent in the reported quarter, missing estimates of a 2.8 percent rise.

In January, the company reported worldwide same-store sales that rose 5 percent in November and December, prompting a rise in its full-year profit forecast.

The company’s net earnings fell to $61.9 million, or 50 cents per share, in the fourth quarter ended Jan. 31, from $157.8 million, or $1.26 per share, a year earlier.

Tiffany’s profits were also hit by a charge related to recent changes in the U.S. tax code.

Excluding items, the company earned $1.67 per share, beating estimates of $1.64 per share.

The company’s net sales rose 8.5 percent to $1.33 billion, edging past estimates of $1.31 billion.

© Thomson Reuters 2024 All rights reserved.