Q317 Snap - an overall in line quarter
TIF reported Q317 EPS of $0.80 versus consensus $0.76, meeting global comp expectations and exceeding on total revenue. Gross margins were in line with consensus, while SG&A delivered higher than expected leverage. The company maintained its FY sales and EPS guidance. The notable points from the press release are the improvement in Asia-Pacific, driven by mainland China, and the deterioration in Europe, driven by the UK. Overall, an in line quarter, and we expect more of a potential catalyst in Q4. We also await more comments from the new CEO and any strategic updates he may reference.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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