$TIF Posts a Rise in Earnings, Adjusted Income to Drop 15-20%

“Tiffany TIF -2.47% & Co.’s fiscal-fourth-quarter earnings rose slightly from a prior year weighed down by headquarters-relocation costs.

Tiffany on Friday said it expects fiscal-first-quarter adjusted earnings to decline about 15% to 20% because of pressure on margins and higher marketing costs, while analysts were looking for flat profit. The company predicts earnings growth in all subsequent quarters.

For the quarter ended Jan. 31, Tiffany reported a profit of $179.6 million, or $1.40 a share, up from $178.4 million, or $1.39, a year earlier. Last year’s per-share earnings were $3.60 excluding costs to relocate Tiffany’s New York headquarters staff.

The company’s November projection was for per-share earnings of $1.35 to $1.55.

Sales increased 4.1% to $1.24 billion, short of analysts’ expectations for $1.25 billion. Excluding the effect of foreign-currency translation, sales rose 5%. Same-store sales were flat with the prior year….”

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