January 17, 2018 / 12:47 PM / 6 months ago

BRIEF-Tiffany Reports 8 Pct Increase In Holiday Period Sales

Jan 17 (Reuters) - Tiffany & Co:

* TIFFANY REPORTS 8% INCREASE IN HOLIDAY PERIOD SALES; MANAGEMENT UPDATES GUIDANCE FOR FISCAL 2017 AND PROVIDES PRELIMINARY OUTLOOK FOR FISCAL 2018

* SEES FY 2017 SALES UP ABOUT 4 PERCENT

* - ‍RESULTS IN HOLIDAY PERIOD HAVE LED MANAGEMENT TO INCREASE ITS NET EARNINGS GUIDANCE FOR YEAR ENDING JANUARY 31, 2018​

* - WORLDWIDE NET SALES INCREASED 8% TO $1.05 BILLION IN TWO MONTHS ENDED DECEMBER 31, 2017

* - ‍ PRELIMINARY VIEW FOR FISCAL 2018 CALLS FOR A MID-SINGLE-DIGIT PERCENTAGE INCREASE IN WORLDWIDE SALES​

* SEES 2018 EARNINGS PER SHARE TO BE FLAT TO SLIGHTLY DOWN FROM FORECASTED 2017 EARNINGS PER SHARE

* - ESTIMATES THAT RE-MEASUREMENT, DEEMED REPATRIATION TAX WILL RESULT IN CHARGES OF $115-$165 MILLION IN QUARTER ENDING JANUARY 31, 2018

* - COMPARABLE STORE SALES ROSE 5% IN TWO MONTHS ENDED DECEMBER 31, 2017

* - ‍ NET EARNINGS PER DILUTED SHARE IN FISCAL 2018 IS EXPECTED TO BENEFIT FROM AN EXPECTED LOWER EFFECTIVE INCOME TAX RATE​

* - ‍IN AMERICAS, ON CONSTANT-EXCHANGE-RATE BASIS, THERE WAS 6% INCREASE IN BOTH TOTAL SALES AND COMPARABLE STORE SALES IN HOLIDAY PERIOD​

* - EXPECTS FOR FISCAL 2017 FREE CASH FLOW OF MORE THAN $500 MILLION

* - EXPECTS FOR FISCAL 2017 CAPITAL EXPENDITURES OF $235 MILLION

* SAYS NOW SEES EARNINGS PER SHARE FOR FISCAL 2017 INCREASING BY A DOUBLE-DIGIT PERCENT OVER 2016’S NET EARNINGS PER DILUTED SHARE OF $3.55

* - ‍NET EARNINGS PER DILUTED SHARE IN FISCAL 2018 IS EXPECTED TO BENEFIT FROM RECENT U.S. TAX CODE REVISIONS

* SAYS NOW SEES EARNINGS PER SHARE FOR FISCAL 2017 INCREASING BY AT LEAST A HIGH-SINGLE-DIGIT PERCENT OVER 2016’S ADJUSTED EARNINGS PER SHARE OF $3.75

* - ON A CONSTANT-EXCHANGE-RATE BASIS, WORLDWIDE NET SALES ROSE 6% WITH COMPARABLE STORE SALES UP 3% IN THE TWO MONTHS ENDED DEC 31,2017

* FY2017 EARNINGS PER SHARE VIEW $3.66 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:

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