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.