Wide-Moat Tiffany Sales and Profits Solid, but Same-Store Sales Still Lag; Shares Fairly Valued
We maintain our wide moat rating and $85 fair value estimate after Tiffany reported second-quarter results that were slightly above our expectations. Sales came in marginally above our forecast, driven by higher non-comparable-store sales, which included strong e-commerce performance, while same-store sales were down 2% (versus our expectation for flat development). Gross margin improved to 62.5%, reflecting lower diamond costs, low-single-digit price increases, and a mix shift toward higher-gro...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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