NEW YORK — Shares of Tiffany & Co. rose 3.1 percent in pre-market trading after the retailer posted fourth-quarter results that beat consensus estimates of analysts for both diluted EPS and sales.
Tiffany & Co. saw net income fall 3.3 percent to $157.8 million, or $1.26 a diluted share, from $163.2 million, or $1.28, a year ago. On an adjusted basis, excluding certain charges, diluted EPS was $1.45. Net sales rose 1.3 percent to $1.23 billion from $1.21 billion. The company said comparable-store sales were unchanged.
Wall Street’s consensus estimate was $1.38 on sales of $1.22 billion.
Michael J. Kowalski, chairman and interim chief executive officer, said, “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.”
He added that the management team is focused on accelerating the execution of its “strategies to deliver extraordinary products, communications and experiences.”
Shares of Tiffany were trading at $92.75 at 7:35 a.m. EST.