LONDON, UK / ACCESSWIRE / September 14, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Tiffany & Co. (NYSE: TIF), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=TIF, following the Company's announcement of its second quarter fiscal 2017 financial results on August 24, 2017. The luxury jeweler stated that modest net sales increases and improved operating margins contributed to growth in diluted earnings per share. Management maintained its sales and earnings guidance for fiscal 2017. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on TIF. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=TIF

Earnings Reviewed

For the three months ended July 31, 2017, Tiffany's worldwide net sales increased 3% to $959.7 million from $931.6 million in Q2 2016, while comparable store sales declined 2% attributed to an increase in wholesale sales of diamonds, increased wholesale sales in the Asia/Pacific region and strong ecommerce sales growth. On a constant-exchange-rate basis, Tiffany's worldwide net sales rose 4% and comparable store sales declined 1%. The Company's sales beat analysts' forecasts of $933.2 million

During Q2 2017, Tiffany's gross margins totaled 62.3% which were higher than 61.9% in Q2 2016. The increases reflected favorable product input costs and a shift in sales mix toward higher-margin jewelry. The Company's selling, general, and administrative (SG&A) expenses rose 4% in the reported quarter, due to increased labor and incentive compensation costs and increased marketing spending. SG&A expenses as a percentage of net sales were 43.4% in Q2 2017 versus 43.2% in Q2 2016.

Tiffany's earnings from operations as a percentage of net sales were 18.9% in Q2 2017 versus 18.8% in Q2 2016. The Company's interest and other expenses, net, declined in the reported quarter due to lower interest expense and a reduction in foreign currency transaction losses.

For Q2 2017, Tiffany's net earnings rose 9% to $115 million, or $0.92 per diluted share, from $106 million, or $0.84 per diluted share, in Q2 2016. The Company's earnings beat Wall Street's estimates of $0.88 per share.

Tiffany's Geographic Details

During Q2 2017, total sales in the Americas rose 1% to $439 million, while comparable store sales declined 1%. The Company noted that results were geographically mixed across the region, and management attributed sales softness primarily to lower spending by foreign tourists.

In the Asia/Pacific region, total sales of $235 million in Q2 2017 grew 2% on a y-o-y basis and comparable store sales declined 7%. Total sales growth was due to increased wholesale sales as well as new stores, while the decline in comparable store sales included strong growth in mainland China that was more than offset by softness in other countries.

In Japan, total sales of $140 million in Q2 2017 were 1% above the prior year while comparable store sales rose 3%. Management attributed retail sales growth to spending by local customers, while wholesale sales declined. On a constant-exchange-rate basis, total sales rose 7% in the reported quarter, resulting from comparable store sales increasing 9%.

In Europe, total sales of $114 million in Q2 2017 were up 3% on a y-o-y basis and comparable store sales declined 2%. On a constant-exchange-rate basis, total sales rose 5% in the reported quarter, while comparable store sales were unchanged.

Store Update

Tiffany has opened three Company-operated stores in H1 2017 and closed four. At July 31, 2017, the Company operated 312 stores - 124 in the Americas, 85 in Asia/Pacific, 54 in Japan, 44 in Europe, and 5 in the UAE - versus 311 stores - 125 in the Americas, 83 in Asia/Pacific, 55 in Japan, 43 in Europe, and 5 in the UAE - in the year ago same period.

Cash Matters

Tiffany's net inventories of $2.2 billion at July 31, 2017, were 4% lower than a year ago primarily due to a reduction in finished goods inventories. During Q2 2017, the Company repurchased approximately 230,000 shares, of its Common Stock at average prices of approximately $91 per share, and total costs of $21 million. At July 31, 2017, Tiffany has $278 million available for repurchases under the program that authorizes the repurchase of up to $500 million of the Company's common stock that expires on January 31, 2019.

Tiffany's cash and cash equivalents and short-term investments at July 31, 2017, rose to $1.0 billion from $720 million a year ago. The Company's total debt as a percentage of stockholders' equity was 35% at July 31, 2017, versus 37% in the year ago same period.

Fiscal 2017 Outlook

For FY17, Tiffany is forecasting worldwide net sales to grow by a low-single-digit percentage as reported and on a constant-exchange-rate basis and net earnings per diluted share to gain by a high-single-digit percentage over FY16 earnings per diluted share of $3.55. For FY17, management also expects net cash provided by operating activities of approximately $700 million and free cash flow of approximately $450 million.

Stock Performance

At the closing bell, on Wednesday, September 13, 2017, Tiffany's stock slipped 1.01%, ending the trading session at $95.51. A total volume of 2.39 million shares have exchanged hands, which was higher than the 3-month average volume of 1.42 million shares. The Company's stock price soared 4.38% in the last three months, 5.57% in the past six months, and 38.94% in the previous twelve months. Moreover, the stock surged 23.35% since the start of the year. The stock is trading at a PE ratio of 25.88 and has a dividend yield of 2.09%. The stock currently has a market cap of $11.94 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily