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Tiffany gives FY'18 guidance, beats Q4 earnings estimates

Tiffany & Co. said March 16 that it expects net diluted EPS for fiscal year 2018 ending January 31, 2019, to come in between $4.25 and $4.45, compared to full-year 2017 adjusted EPS of $4.13.

The company also said it expects worldwide net sales to increase by a mid-single-digit percentage in fiscal 2018 year over year, while comparable sales are projected to grow by a low- to mid-single-digit percentage. Operating margin for the year will be less than in the prior year amid an increase in selling, general and administrative expense.

For the fourth quarter of 2017 ended January 31, 2018, the New York-based jewelry maker said its adjusted net earnings jumped 15% to reach $208 million, or $1.67 per diluted share, better than the S&P Capital IQ consensus normalized EPS estimate of $1.63. Tiffany said it recorded a charge of $146 million, or $1.17 per diluted share, in the fourth quarter as a result of the enactment of the U.S. Tax Cuts and Jobs Act. Effective income tax rate also increased to 79.4% in the quarter, compared to 36% income tax rate recorded in the prior-year quarter. Net sales in the quarter increased by 6% to $1.3 billion, while comparable store sales rose 1%.

Tiffany's net sales in fiscal 2017 increased by 4% to $4.2 billion, while comparable sales in the period were equal to the prior year. Net profit in the year came in at $516 million, or $4.13 per diluted share, 10% more than the prior year’s $470 million, or $3.75 per diluted share.