Tiffany & Co Lowers FY 2012 Guidance; Comments On Q2, Q3, Q4 2012 Earnings Guidance

Tiffany & Co announced that for fiscal 2012, it expects worldwide net sales (in U.S. dollars) increasing 7%-8%, versus the previous expectation calling for 10% growth and net earnings per diluted share (EPS) in a range of $3.70-$3.80, compares with the previous forecast of $3.95-$4.05 per diluted share; approximately $0.20 of the decrease is tied to a reduction in operating expectations and $0.05 is related to the additional debt incurrence. All of the annual earnings growth over 2011 is expected to occur in the fourth quarter of 2012, with net earnings in the second and third quarters of 2012 expected to be below last year. The Company reported revenues of $3.6 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $3.9 billion and EPS of $3.97 for fiscal 2012.