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Market NewsCommentTiffany provides 2008 guidance

Tiffany provides 2008 guidance

Tiffany & Co. said it is planning its US businesses “cautiously” for the first half of 2008, but forecast healthy international sales growth throughout the year. The US retailer expects an increase of 10% in worldwide net sales for the fiscal year, with an increase in net earnings to $2.50 - $2.55 per share. This compares with an estimated range of $2.25-$2.28 per share Tiffany forecasted on January 11th when it reported its holiday sales results. US sales results for the month of January were modestly improved from December, while sales in Asia-Pacific outside Japan and in Europe showed continued strength, it said. Mr. Kowalski, Tiffany’s chairman and chief executive officer said: “We believe our 2008 financial expectations appropriately reflect current macro-related challenges in the US as well as the benefit of our global, geographical diversification which, combined with planned margin and expense levels, can generate low-double-digit net earnings per share growth for the year."

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