Q218 Snap - Topline strength continues
TIF reported Q218 EPS of $1.17, ahead of consensus $1.01, with a global comp 7% vs consensus 6% and a comp beat in most regions. Gross margins were also strong, +150bp YoY, reflecting lower input costs and sales leverage. Operating expenses ramped reflecting strategic investments, offsetting much of the gross margin upside, but nevertheless, this is another very strong quarter from the company.Tiffany & Co. is a holding company that operates through its principal subsidiary, Tiffany and Company. Through its subsidiaries, the company designs and manufactures products and operates TIFFANY & CO. retail stores worldwide, and also sells its products through Internet, catalog, business-to-business and wholesale distribution. The company's principal product category is jewelry. The company provides a selection of TIFFANY & CO. brand jewelry at a range of prices. The company also sells watches, home and accessories products and fragrances. The company has four reportable segments: (i) Americas, (ii) Asia-Pacific, (iii) Japan and (iv) Europe.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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