Q417 Snap - FY18 investment catch-up
TIF reported Q417 EPS of $1.67, incl a 4c tax benefit, vs consensus $1.63. Q4 comps ended lower than the Holiday run rate, indicating some January slowdown. The sharpest slowdown appears to have been in Asia-Pacific, which went negative after a positive Holiday. FY18 guidance is reiterated to the mid-single-digits for sales growth and specified to a range of $4.25 - $4.45 (tax rate in the high 20%s) versus consensus $4.52 (tax rate 27.5%). In January the company had guided to EPS flat to slightly down YoY, excluding tax, and it looks as if the bottom end of this preliminary guidance range has moved lower.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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