Tiffany dazzles investors with third-quarter earnings
The high-end jeweler reported rising profits this week, and displayed especially strong growth in the Asia-Pacific region.
The 137-year-old retailer earned $94.6 million for the quarter, which came to 73 cents per share. That's a nearly 50% jump over the year-ago quarter. Analysts had been expecting EPS of 58 cents. Sales climbed across most geographies, but were remarkably higher in Asia-Pacific -- Tiffany saw a staggering 27% jump in sales there.
The company also raised earnings guidance for the fiscal year, and is now expecting $0.65-$0.75 in adjusted EPS, $0.15 higher than previously announced.
Motley Fool analyst David Hanson thinks Tiffany turned in a strong quarter, with a nice increase in same-store sales. Going forward, David expects growth for Tiffany will primarily come from international expansion. However, he thinks that very growth is already priced into shares. At a P/E ratio nearing 26, Tiffany stock clearly isn't a bargain.
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Investors are anxious to see if hiring can maintain its strong pace in the second half of the year.
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