Tiffany’s same-store sales blow out estimates

Tiffany’s same-store sales blow out estimates

Timothy A. Clary | AFP | Getty Images

A model shows off a diamond ring and bracelet as she stands outside the entrance of a Tiffany & Co. store.

Tiffany expects earnings of between $4.50 and $4.70 per share for the year ending January 2019, compared with an earlier forecast of $4.25 to $4.45 per share. The company expects net sales to increase in the high-single percentage digits year-over-year.

First-quarter net sales rose 14.8 percent to $1.03 billion, topping analysts’ estimates of $959.4 million.

Excluding one-time items, the company earned $1.14 per share, while Wall Street had expected 83 cents per share.

Tiffany also announced a new $1 billion stock buyback program.

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