=Tiffany & Co (TIF) reported earnings on Wed 28 Nov 18 (b/o)

Tiffany & Co reports EPS in-line, misses on revs; Q3 comps +2%; reaffirms FY19 EPS guidance; lowers FY19 comp guidance

• Reports Q3 (Oct) earnings of $0.77 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.77; revenues rose 3.7% year/year to $1.01 bln vs the $1.05 bln S&P Capital IQ Consensus. Q3 comparable sales rose 2%.
• Co reaffirms guidance for FY19, sees EPS of $4.65-4.80 vs. $4.83 S&P Capital IQ Consensus.
• These expectations are approximations and are based on the Company's plans and assumptions for the full year, including: (i) mid-single-digit comparable sales growth, with varying degrees of growth in all regions; (ii) worldwide gross retail square footage increasing 2%, net through 10 store openings, four closings and at least 15 relocations; (iii) operating margin below the prior year as a result of significant SG&A expense growth.
• Co lowers FY19 comps to mid-single-digit growth from mid-to-high single digit comps prior guidance.