Tiffany & Co. beat fourth-quarter profit expectations as sales rose worldwide, with key boosts from Asia and Europe.
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The luxury jeweler has been facing tougher competition over the last several years from online players including Amazon and Blue Nile. It has been working to improve its e-commerce options and marketing and warned that spending could cut into near-term profit.
The New York company’s profit fell 61 percent to $61.9 million, or 50 cents per share, mainly on costs related to recently enacted sweeping tax reforms. Profit, adjusted for pretax expenses was $1.67 per share.
Revenue rose 8.5 percent to $1.33 billion and same-store sales, a key measure of a retailer’s health, rose 3 percent.
The results topped Wall Street expectations, with analysts calling for profit of $1.63 per share on revenue of $1.3 billion.
The company had been struggling with sales in its Americas region, which saw a 5 percent boost during the quarter. Sales in its Asia-Pacific region rose 13 percent, while sales in Europe also rose 13 percent.
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For the year, the company reported profit of $370.1 million, or $2.96 per share. Revenue was reported as $4.17 billion.
Tiffany expects full-year earnings to be $4.25 to $4.45 per share.
Tiffany shares have decreased 1 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 3 percent. The stock has increased 14 percent in the last 12 months.
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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on TIF at https://www.zacks.com/ap/TIF
