The world-renowned high-end jewelry retailer Tiffany (TIF) released earnings report on Thursday. During the first-quarter ended April 30, the company grew net profit last year’s $81.10 million, or 63 cents per share, to $81.5 million, or 64 cents per share.
Despite revenue rose 7.6% to $819 million, the performance of the America region was sluggish. Although the company-wide same-store sales grew by 4%, the company’s Manhattan flagship store sales fell 4%.
Analysts polled by FactSet on average expected the company would post a profit of 69 cents per share, on revenue of $817 million.
Tiffany also lowered its full-year earnings and revenue estimates, mainly on account of the growth deceleration in the economy of a number of countries, as well as the weak demand of the U.S. market.
The company currently forecasts full-year profit of $3.70-3.80 per share, lower than the previous forecast of $3.95-$4.05. Analysts on average expected the company’s annual earnings per share of $3.98.
Tiffany also lowered the full-year revenue growth expectation from the previous 10% to 7%-8%.
Tiffany stock price traded between $55.75 and $57.68, and finally reported at $57.59, with a decrease of 6.81%, or $4.21 and a volume of 15.59 million shares. Over the past 52 weeks, the highest level of Tiffany stock price was $84.49 and the current shares are 31.83 off the top.