Tiffany archive the first quarter with net profits up 2,5%, at $83,6 million, and beat Wall Street expectations. Earnings per share hit $0,65 (versus $0,52 analyst estimates), about unchanged from $0,64 a year ago. Excluding the impact of the cost-cutting program, net income increased 10% to $89 million ($0,7 per share).
It was in the first place that they drove the result sales, which grew by 9,3%, to 895,5 million. The figure on a like-for-like basis rose by 4%, also in this case beating the estimates (+1,5%). The gross margin decreased instead from 57,3 to 56,2%.
The increase in profit surprised the company itself, which had launched a profit warning at the time of the publication of the annual accounts, estimating for the first quarter a decline in adjusted net profit of 15/20%. In any case, Tiffany confirmed its guidance for the full year: stable net income and sales growth of around 5%.
The title on Wall Street it started the session up more than five points, at $80,04.
