Tiffany & Co. (TIF) said worldwide sales increased 17% in the two months ended December 31, 2009, or holiday period, due to growth in all three geographic segments. Net worldwide sales rose 17% to $799.1 million in the holiday period.
On a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales and comparable store sales increased 13% and 8%.
Management now believes that net sales and earnings for the fiscal year ending January 31st will exceed its previous expectations.
Tiffany now believes that it is on track to achieve net sales of approximately $2.7 billion for the full year 2009. The company now expects to achieve full year net earnings from continuing operations of $2.07 - $2.12 per share, compared with its previously published outlook of $1.88 - $1.98 per share.
Analysts polled by Thomson Reuters expect the company to report earnings of $1.92 per share, on revenues of $2.65 billion. Analysts' estimates typically exclude special items.
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