Tiffany posts 4Q loss due to large charge
NEW YORK (AP) — Tiffany & Co. is reporting a loss in its fiscal fourth quarter, dragged down by a hefty charge tied to an unfavorable arbitration ruling. Sales improved during the critical holiday selling season.
Without the charge, its adjusted earnings missed Wall Street expectations. Its forecast for this year also was short of expectations. Its shares slipped in premarket trading.
The luxury jewelry company lost $103.6 million, or 81 cents per share, for the period ended Jan. 31.
Removing the charge, earnings were $1.47 per share. Analysts expected $1.51 per share.
Revenue climbed 5 percent to $1.3 billion, led by strong sales of fine and statement jewelry as well as jewelry collections. That matched Wall Street's expectations.
For fiscal 2014, the company anticipates earnings between $4.05 and $4.15 per share. Analysts predict $4.27 per share.