tiffany & co (TIF) Key Developments
Tiffany & Co. Announces Management Changes
Jun 3 13
Effective at the close of business on May 31, 2013, Tiffany & Co.'s finance division was reorganized, and certain management responsibilities in that division were reassigned. John S. Barresi has been appointed to the position of Vice President Controller and principal accounting officer. Mr. Barresi a certified public accountant, joined the company in 2009 as Vice President Internal Audit after leading the internal audit division at The McGraw-Hill Companies for the previous three years. Henry Iglesias, who has served as the company's Controller and principal accounting officer since 2005, has been appointed Vice President Financial Planning & Analysis.
Tiffany & Co. Presents at William Blair & Company 33(rd) Annual Growth Stock Conference, Jun-12-2013 08:00 AM
Jun 3 13
Tiffany & Co. Presents at William Blair & Company 33(rd) Annual Growth Stock Conference, Jun-12-2013 08:00 AM. Venue: Four Seasons Hotel, Chicago, Illinois, United States.
Tiffany to Open Store in Moscow
Jun 3 13
Tiffany & Co. announced plans to open a two-level store in Moscow's GUM department store, the city's premier destination for luxury shopping and a center for art and culture, located in Red Square. At approximately 420 square meters, (approximately 4,520 square feet) it is the jeweler's first wholly owned retail business in Russia, and is expected to open in first quarter of 2014.
Tiffany & Co. Names Anthony Ledru as Senior Vice President, Northern America
May 29 13
Tiffany & Co. appointed Anthony Ledru to the position of Senior Vice President -- Northern America. Ledru, 40, has spent virtually his entire career in the luxury industry in the Americas, first with Cartier in Latin America and the United States, and then with Harry Winston International in New York as Global Vice President of Sales.
Tiffany & Co. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 30, 2013; Provides Earnings Guidance for the Second Quarter of 2014; Reaffirms Earnings Guidance for the Full Year Ending January 31, 2014
May 28 13
Tiffany & Co. reported unaudited consolidated earnings results for the first quarter ended April 30, 2013. For the quarter, net sales were $895,484,000 against $819,170,000 a year ago. Earnings from operations were $141,158,000 against $134,985,000 a year ago. Earnings from operations before income taxes were $128,446,000 against $124,431,000 a year ago. Net earnings were $83,577,000 or $0.65 per diluted share against $81,534,000 or $0.64 per basic and diluted share a year ago. Return an average assets was 9% on a trailing basis and return on average stockholders' equity was 17%. Capital expenditures were $35 million in the first quarter versus $44 million last year. Net earnings, as adjusted was $89,362,000 or $0.70 per diluted share.
For the second quarter of 2014, the company expects net earnings to be equal to the prior year based on an expected mid-single-digit sales increase, with earnings growth in the third and fourth quarters. This forecast excludes $0.05 per diluted share of expenses tied to cost-reduction initiatives that were recorded in the first quarter.
For the full year ending January 31, 2014, the company forecasts net earnings in a range of $3.43 to $3.53 per diluted share, unchanged from its previously-published outlook and versus $3.25 per diluted share in 2012. The company expects an effective income tax rate of 35%. The company continuing to project about $230 million of capital expenditure for the year versus $220 million last year. The company plans for positive free cash flow of approximately $300 million in 2013 versus $109 million in 2012.