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Jun 05, 2019
Tiffany's (TIF, $92.52 ) same-store sales lack lustre in Q1, amidst lower tourist spending

Tiffany's (TIF, $92.52 ) same-store sales lack lustre in Q1, amidst lower tourist spending

Tiffany & Co. beat earnings estimates for the first quarter, but took a beating on same-store sales.

For the three months ending April, the luxury jewellery company’s earnings came in at $1.03 per share, surpassing analysts’ estimates by 2 cents. However, they were -9.7% lower from the year-ago quarter.

Same-store sales declined by -2% - sharper than anticipated – due to substantially less worldwide spending from tourists amidst a strong U.S. dollar, as indicated by Tiffany. The company’s total revenue fell -3% to $1 billion – a level lower than what analysts expected.

Looking ahead, Tiffany projects 2019 earnings per share to increase by a "low single digit" percentage from last year, thereby lowering its forecast from a prior estimate of a "mid single digit" advance.

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