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Market Update : 
Tiffany Third Quarter Earnings Call
Author: Albena Toncheva
123jump.com
Last Update: 12:59 PM EST December 03 2007

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The jewelry and luxury goods retailer added that excluding a gain of 48 cents per share on the sale-leaseback of the Tokyo flagship store, net income was 23 cents per share. Sales climbed 18% to $627.3 million from $531.8 million a year ago, bolstered by a 9% gain in global same store sales. The company boosted its outlook for fiscal 2007 to a range of $2.25 to $2.30 per share, excluding charges and gains, from the earlier outlook of $2.22 to $2.27 per share.

 
For the full year Tiffany expects other expenses net in the area of $10 million and an effective tax rate of approximately 37%.

All this should result in net earnings in a range of $2.49 to $2.54 per diluted share for the full year. Excluding the charge for Little Switzerland and its losses from operations the gain from the sale of Tokyo flagship store and the associated contribution to the Tiffany Foundation, net earnings would equate to $2.25 to $2.30 for diluted share which is higher than the company’s previous expectations of $2.22 to $2.27 per diluted share issued three months ago.

There was no question and answer session held in conjunction with the third quarter fiscal 2007 earnings conference call conducted by Tiffany & Co. (TIF: chart) on November 30, 2007.
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