Tiffany Q1 outlook loses shine
Source: Agencies |
March 22, 2011, Tuesday
|
Print Edition
Print Edition
TIFFANY & Co yesterday lowered its first-quarter earnings guidance citing store closings and limited hours in Japan resulting from the earthquake and tsunami.
The dimmer outlook came as the jeweler said strong holiday demand and new products helped its fourth-quarter net income rise 29 percent.
Tiffany is one of the United States retailers most exposed to Japan's economy and appetite for luxury goods. Of Tiffany's 233 stores, 56 are in Japan. It's also one of the first firms to specify the business impact of the quake.
The jewelry maker known for its turquoise box now expects first-quarter earnings of about 57 US cents per share, down from a previous forecast 62 cents per share.
Analysts surveyed by FactSet predicted lower earnings of 55 cents per share.
The company's stores in the Kanto and Tohoku regions, which make up more than half of its Japanese sales, were closed or had reduced hours after the disasters. Physical damage was limited.
The retailer expects Japanese sales, 18 percent of its business, will drop 15 percent in the first quarter.
The dimmer outlook came as the jeweler said strong holiday demand and new products helped its fourth-quarter net income rise 29 percent.
Tiffany is one of the United States retailers most exposed to Japan's economy and appetite for luxury goods. Of Tiffany's 233 stores, 56 are in Japan. It's also one of the first firms to specify the business impact of the quake.
The jewelry maker known for its turquoise box now expects first-quarter earnings of about 57 US cents per share, down from a previous forecast 62 cents per share.
Analysts surveyed by FactSet predicted lower earnings of 55 cents per share.
The company's stores in the Kanto and Tohoku regions, which make up more than half of its Japanese sales, were closed or had reduced hours after the disasters. Physical damage was limited.
The retailer expects Japanese sales, 18 percent of its business, will drop 15 percent in the first quarter.
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