Tiffany & Co. reported Friday fiscal fourth-quarter earnings that fell to $163.2 million, or $1.28 a share, from $196.2 million, or $1.51 a share, in the same period a year ago. Excluding non-recurring items, including a $28.3 million charge for impairment of a loan made to a diamond mining company, adjusted earnings per share came to $1.46, above the FactSet consensus of $1.40. Sales fell to $1.21 billion from $1.29 billion, matching the FactSet consensus. Worldwide same-store sales fell 9%, missing the FactSet consensus of a 4.4% decline, with all regions missing expectations, with particular weakness in Europe. Looking ahead, the high-end jewelry retailer said fiscal first-quarter EPS may drop 15% to 20% from a year ago, while the FactSet consensus of 76 cents implies a 6.2% decline. The stock, which was indicated up more than 2% in premarket trade, has dropped 8.1% year to date through Thursday, while the S&P 500 has slipped 0.2%.
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