Up-market jeweler Tiffany & Co (NYSE:TIF) beat market expectations with its fourth quarter earnings, released after the end of trading yesterday.
The shares rose to a 52-week high this morning of US$94 before ebbing to US$92.34, up 2.6% on the day.
Adjusted earnings per share (EPS) came in at US$1.45, beating market expectations of US$1.38, but down one cent on the same period a year earlier.
Sales of US$1.2bn were in line with expectations, up 1% year-on-year.
The company said it expects sales for the whole of 2017 will show a year-on-year low single digit percentage increase, with the strength of the dollar diluting the growth some.
Earnings are expected to be up by a high single-digit percentage.
“Despite macroeconomic and geopolitical challenges in the past year that we believe will continue in 2017, we strongly believe that Tiffany’s strategies are sound and that we have meaningful growth opportunities,” said Michael Kowalski, who is chairman of the Tiffany board and also sitting in as interim chief executive.
“Our management team is focused on accelerating the execution of our strategies to deliver extraordinary products, communications and experiences that will delight our customers around the world. Through strong leadership and this accelerated execution, we believe we are well-positioned to deliver attractive total shareholder return over the long-term,” he added.