-=Tiffany & Co. (TIF) to be acquired by LVMH (LVMUY)

• Update 1/7/21: LVMH completes the acquisition of Tiffany & Co. (TIF).  Alessandro Bogliolo, the current Chief Executive Officer of Tiffany, has agreed to remain with the company to facilitate the transition through January 22, 2021, after which time he will depart the company.
• Update 2/4/20:   Tiffany & Co: Stockholders vote to approve merger with LVMH (LVMUY); anticipates completion of merger in the middle of 2020.
• Update 12/31/19: Tiffany & Co to hold special meeting on Feb 4 to vote on merger with LVMH; transaction expected to close in the middle of 2020

Tiffany & Co confirms agreement to be acquired by LVMH (LVMUY) for $135/share in cash, or approximately $16.2 bln
The acquisition of Tiffany will strengthen LVMH's position in jewelry and further increase its presence in the United States. The addition of Tiffany will transform LVMH's Watches & Jewelry division and complement LVMH's 75 distinguished Houses. The transaction is expected to close in the middle of 2020 and is subject to customary closing conditions, including approval from Tiffany's shareholders and the receipt of regulatory approvals.

This week's biggest % winners & losers : Oct 28 - Nov 1, 19 (wk 44)

The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top % gainers

• Healthcare: BGNE (189.56 +36.48%), CRSP (50.89 +27.7%), DCPH (45.46 +26.07%), MRTX (100.04 +23.75%), NTLA (13.6 +22.52%), TGTX (7.08 +22.49%)
• Consumer Discretionary: TIF (127 +28.87%), MUSA (113.57 +22.92%), LOCO (15 +22.85%)
• Information Technology: FIT (7.14 +65.66%), CRUS (72.43 +29.13%), UIS (10.38 +27.52%), HLIT (8.00 +25.59%), QRVO (97.22 +23.03%), UCTT (22.13 +22.4%)
• Financials: LTS (2.62 +32.32%), GDOT (29.08  +15.35%)
• Utilities: PCG (6.43 +28.6%)

This week's top % losers

• Healthcare: CYH (3.2 -28.41%), MMSI (24.15 -19.82%), HMSY (26.53 -19.78%)
• Materials: PVG (9.48 -22.61%), RFP (3.66 -21.46%)
• Industrials: QUAD (4.63 -56.73%), ENPH (18.83 -23.3%)
• Consumer Discretionary: GRUB (33.72 -42.87%), TUP (9.73 -40.31%), ETSY (45.66 -22.18%), MIK (8.69 -19.83%), WWE (55.96  -18.15%)
• Information Technology: CASA (4.3 -33.74%), ANET (185.3 -24.17%), MOBL (4.74 -23.38%),  PINS (20.12, -17.02%)
• Energy: SLCA (4.9 -36.53%), BTU (10.22 -35.15%)

-=Tiffany & Co. (TIF) receives $14.5 billion takeover offer from LVMH (LVMUY)

Tiffany & Co confirms receipt of unsolicited, non-binding acquisition proposal from LMVH (LVMUY) for $120/share in cash
Tiffany & Co. (TIF) responded to media reports by confirming that it had received an unsolicited, non-binding proposal from LMVH Moet Hennessy -- Louis Vuitton to acquire Tiffany for $120 per share in cash. While the parties are not in discussions, Tiffany's Board of Directors, consistent with its fiduciary responsibilities, said it is carefully reviewing the proposal, with the assistance of independent financial and legal advisors, to determine the course of action it believes is in the best interests of the Company and its shareholders. The company advised shareholders to take no action at this time.

=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.

=Tiffany & Co (TIF) reported earnings on Wed 23 May 18 (b/o)

Tiffany & Co beats by $0.31, beats on revs; raises FY19 EPS above consensus; authorizes $1 billion share repurchase program  

• Reports Q1 (Apr) earnings of $1.14 per share, $0.31 better than the Capital IQ Consensus of $0.83; revenues rose 14.9% year/year to $1.03 bln vs the $0.96 bln Capital IQ Consensus.
• Co issues upside guidance for FY19, sees EPS of $4.50-4.70 vs. $4.45 Capital IQ Consensus Estimate, and above prior guidance of $4.25-4.45
• New Share Repurchase Program
  • The Company's Board of Directors has approved a new share repurchase program that authorizes the repurchase of up to $1.0 billion of the Company's Common Stock through open market transactions, including through Rule 10b5-1 plans and one or more accelerated share repurchase or other structured repurchase transactions, and/or privately negotiated transactions. Purchases under this new program are discretionary and will be made from time to time based on market conditions and the Company's liquidity needs. This new program, which expires on January 31, 2022, will replace the Company's existing share repurchase program announced in January 2016.
  • Under this new program, the Company's Board of Directors also approved the repurchase of $250 million of the Company's Common Stock through an accelerated share repurchase transaction which the Company expects to enter into during its fiscal quarter ending July 31, 2018, subject to market conditions.

=Tiffany & Co (TIF) reported earnings on Fri 16 March 18 (b/o)

Tiffany & Co beats by $0.04, beats on revs; guides FY19 EPS in-line (midpoint below), revs in-line 

• Reports Q4 (Jan) earnings of $1.67 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $1.63; revenues rose 8.5% year/year to $1.33 bln vs the $1.32 bln Capital IQ Consensus.
• Q4 comps +3%. On a constant-exchange-rate basis, worldwide net sales rose 6% and comparable store sales were 1% above the prior year. 
• Co issues in-line guidance for FY19, sees EPS of $4.25-4.45, excluding non-recurring items, vs. $4.42 Capital IQ Consensus Estimate; sees FY19 revs of mid single digits (cons +4.8%) vs. $4.37 bln Capital IQ Consensus Estimate.
  • FY19 Guidance Details: Co sees low-to-mid-single-digit comparable sales growth with varying degrees of growth in all regions; (ii) worldwide gross retail square footage increasing 2%, net through nine store openings, two closings and at least 15 relocations; (iii) operating margin below the prior year as a result of SG&A expense growth.

=Tiffany & Co (TIF) reported earnings on Thur 24 August 2017 (b/o)

Tiffany & Co beats by $0.06, beats on revs; reaffirms FY18 guidance

• Reports Q2 (Jul) earnings of $0.92 per share, $0.06 better than the Capital IQ Consensus of $0.86; revenues rose 3.0% year/year to $960 mln vs the $930.19 mln Capital IQ Consensus. 
• Comparable store sales declined 2%.
• Management noted an increase in wholesale sales of diamonds, increased wholesale sales in the Asia-Pacific region and strong e-commerce sales growth. Overall, growth in fashion and designer jewelry sales contrasted with softness in other jewelry categories. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 4% and comparable store sales declined 1% due to the factors noted above.
• In the Americas, total sales rose 1% to $439 million in the quarter and declined 1% to $830 million in the first half; comparable store sales declined 1% and 2%, respectively. In the Asia-Pacific region, total sales of $235 million in the quarter and $492 million in the first half were 2% and 5%, respectively, above the prior year; comparable store sales declined 7% and 5%. Gross margins (gross profit as a percentage of net sales) of 62.3% in the second quarter and 62.2% in the first half were higher than 61.9% and 61.6%, respectively, in the prior year.
• The increases reflected favorable product input costs and a shift in sales mix toward higher-margin jewelry, partly offset by the effect of increased wholesale sales of diamonds.
• Co reaffirms guidancefor FY18, sees EPS of up mid-single digits to ~$3.94, excluding non-recurring items, vs. $3.94 Capital IQ Consensus Estimate. Management's outlook for fiscal 2017 calls for: (i) worldwide net sales increasing over the prior year by a low-single-digit percentage as reported and on a constant-exchange-rate basis, (ii) net earnings per diluted share increasing by a high-single-digit percentage over 2016's earnings per diluted share of $3.55 and by a mid-single-digit-percentage over 2016's earnings per diluted share (excluding charges) of $3.75 and (iii) earnings per diluted share in the second half of fiscal 2017 increasing over the prior year's second half, with the growth occurring in the fourth quarter. These expectations are approximations and are based on the Company's plans and assumptions for the full year, including: (i) worldwide gross retail square footage increasing 2%, net through 10 store openings, seven relocations and seven closings; (ii) operating margin in line with the prior year due to an expected increase in gross margin offset by SG&A expense growth higher than sales growth; (iii) interest and other expenses, net of $35-$40 million; (iv) an effective income tax rate of ~33%; (v) no meaningful effect in fiscal 2017 from the U.S. dollar versus foreign currencies on a year-over-year basis; and (vi) minimal benefit to net earnings per diluted share from share repurchases. Management also expects for fiscal 2017: (i) net cash provided by operating activities of ~$700 million and (ii) free cash flow of ~$450 million. 

=Tiffany & Co (TIF) reported earnings on Wed 24 May 2017 (b/o)

Tiffany & Co beats by $0.04, misses on revs; provides outlook commentary for FY18:

• Reports Q1 (Apr) earnings of $0.74 per share, $0.04 better than the Capital IQ Consensus of $0.70; revenues rose 0.9% year/year to $899.6 mln vs the $915.48 mln Capital IQ Consensus.
• In the Americas, total sales of $392 million were 3% lower than the prior year and comparable store sales declined 4%. There was no impact from currency translation on reported sales.
• In the Asia-Pacific region, total sales of $257 million were 8% above the prior year, while comparable store sales declined 3%.
• Gross margin (gross profit as a percentage of net sales) increased to 62.0% in the first quarter, from 61.2% a year ago.
• Outlook: Management's outlook for the fiscal year ending January 31, 2018 calls for: Worldwide net sales increasing over the prior year by a low-single-digit percentage (Capital IQ consensus +2.8%) as reported and on a constant-exchange-rate basis (prior guidance mid single digits excluding FX) and (ii) net earnings per diluted share increasing by a high-single-digit percentage over 2016's earnings per diluted share of $3.55 and by a mid-single-digit-percentage over 2016's earnings per diluted share (excluding charges) of $3.75 (Capital IQ consensus +5.3%).  These expectations are approximations and are based on the Company's plans and assumptions, including: (i) worldwide gross retail square footage increasing 2%, net through 10 store openings, seven relocations and seven closings; (ii) operating margin above the prior year entirely due to an expected increase in gross margin, with SG&A expenses increasing slightly faster than sales growth.

=Tiffany & Co (TIF) reported earnings on Fri 17 March 2017 (b/o)

Tiffany & Co beats by $0.07, reports revs in-line; guides FY18 towards high end of expectations:

• Reports Q4 (Jan) earnings of $1.45 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $1.38; revenues rose 1.3% year/year to $1.23 bln vs the $1.22 bln Capital IQ Consensus.
• Comparable store sales were unchanged from the prior year. On a constant-exchange-rate basis, worldwide net sales rose 2% and comparable store sales were unchanged from the prior year.
• Reported holiday comps down 2% on Jan 17.
  • In the Americas, total sales declined 5% to $1.8 billion in the full year and 3% in the fourth quarter to $587 million, and comparable store sales declined 6% and 2%, respectively.
  • In the Asia-Pacific region, total sales of $1 billion in the full year were ~equal to the prior year and total sales of $284 million in the fourth quarter were 9% above the prior year, benefitting from the opening of new stores, with comparable store sales declining 9% and 2%, respectively.
  • In Japan, total sales rose 12% to $604 million in the full year and 15% to $185 million in the fourth quarter; comparable store sales increased 16% and 19%, respectively, while wholesale sales declined in both periods.
  • In Europe, total sales of $458 million in the full year and $146 million in the fourth quarter were 10% and 7%, respectively, below the prior year and comparable store sales declined 14% and 9%, respectively.
• Mgmt's FY17 outlook calls for: (i) worldwide net sales increasing over the prior year by a low-single-digit percentage (consensus +1.9%) and by a mid-single-digit percentage on a constant-exchange-rate basis and (ii) net earnings per diluted share increasing by a high-single-digit percentage over 2016's earnings per diluted share of $3.55 and by a mid-single-digit-percentage over 2016's earnings per diluted share (excluding charges) of $3.75 (+5% to $3.94 vs. $3.86 consensus). These expectations are approximations and are based on the Company's plans and assumptions, including: (i) worldwide gross retail square footage increasing 3%, net through 11 store openings, nine relocations and six closings; (ii) operating margin above the prior year entirely due to an expected increase in gross margin, with SG&A expenses increasing slightly faster than sales growth; (iii) interest and other expenses, net of ~$40 million; (iv) an effective income tax rate consistent with the prior year; (v) the U.S. dollar in 2017 stronger overall than other foreign currencies on a year-over-year basis; and (vi) minimal benefit to net earnings per diluted share from share repurchases..

=Tiffany & Co (TIF) reported earnings on Thur 8/25/16 (b/o)

Tiffany & Co beats by $0.12, reports revs in-line; reaffirms FY17 EPS, sales guidance :

• Reports Q2 (Jul) earnings of $0.84 per share, $0.12 better than the Capital IQ Consensus of $0.72; revenues fell 5.9% year/year to $931.6 mln vs the $931.37 mln Capital IQ Consensus. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales and comparable store sales declined 6% and 9%, respectively.
  • In the Americas, total sales of $434 million in the second quarter and $837 million in the first half were both 9% below last year, with declines of 9% and 10%, respectively, in comparable store sales.
  • In the Asia-Pacific region, total sales -6% to $230 million and comparable store sales declined 12%.
  • Japan sales +10%; Europe -12%. 
• Co reaffirms guidance for FY17, sees EPS down mid-single digits to ~$3.60-3.68 vs. $3.62 Capital IQ Consensus; low single digit sales decline, based on the Company's plans and assumptions, including: (i) worldwide gross retail square footage increasing 2%, net through 11 openings, 6 relocations and 9 closings; (ii) adj. operating margin below the prior year's 19.7% due to an anticipated increase in gross margin (although at a considerably lesser rate in the second half than in the first half of the year) more than offset by SG&A expense growth; (iii) interest and other expenses, net unchanged from 2015; (iv) an effective income tax rate slightly lower than the prior year; (v) the U.S. dollar unchanged from current spot rates for the balance of the year; and (vi) weighted average diluted shares outstanding modestly lower than in fiscal 2015.

-=Tiffany & Co (TIF) reported earnings Wed 25 May 2016 (b/o)

Tiffany & Co misses by $0.04, misses on revs; guides Q2 EPS below consensus; reaffirms FY17 EPS guidance, lowers FY17 revs below consensus  :

• Reports Q1 (Apr) earnings of $0.64 per share, excluding $0.05 tax benefit, $0.04 worse thanthe Capital IQ Consensus of $0.68; revenues fell 7.4% year/year to $891.3 mln vs the $914.97 mln Capital IQ Consensus. 
• Comparable store sales declined 9% vs. ests near -5%. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales declined 7%, and comparable store sales declined 9%.
  • Americas sales -9%; comps -10% -- management attributing the declines to varying degrees of softness in spending by U.S. customers and foreign tourists.
  • Asia Pac sales -8%; comps -15%. Japan +8%; comps +12%. Europe -9%; comps -15%.
• Co issues downside guidance for Q2, sees EPS similar rate YoY to Q1 (down ~15% from $0.85) vs. $0.79 Capital IQ Consensus Estimate.
• Co issues guidance for FY17, reaffirms mid single digit EPS decline vs. -2% consensus to $3.75; lowers FY17 revs to low single digit decline from $4.1 bln last year (previously near last year's level) vs. $4.1 bln Capital IQ Consensus; worldwide gross retail square footage increasing 2%, net through 11 openings, 6 relocations and 10 closings; (iii) operating margin below the prior year's 19.7% (excluding the prior year's charges due to an expected increase in gross margin more than offset by SG&A expense growth; a modest year-over-year strengthening of the U.S. dollar; net inventories unchanged from the prior year.  
• "As expected, this was a difficult quarter in terms of both sales and earnings growth. We faced numerous challenges, including continued pressure from foreign tourist spending in Europe, the U.S. and Asia, particularly in Hong Kong. However, we are continuing to take actions that are intended to strengthen sales growth with local customers in the U.S. and around the world. From a strategic perspective, we believe that our initiatives will enhance our ability to provide our customers with extraordinary products and experiences and ultimately contribute to improved financial results. We remain focused on generating sustainable long-term sales and earnings growth."

=Tiffany & Co (TIF) lowers Q4 guidance

** charts before guidance **





 ** charts after guidance **

Tiffany & Co holiday comps -5% ex-FX; lowers FY15 EPS, sees minimal growth in sales and earnings next year, below consensus  :

• Worldwide net sales declined 3%, comps declined 5% yoy, all numbers ex/fx
• Worldwide net sales of $961 mln were 6% lower yoy,

Geographic Breakdown

Total sales of $505 mln, declined 7% in the Americas yoy

• Total sales and comparable store sales declined 6% and 9%, total sales of $187 mln were 11% below the prior year in Asia-Pacific
• Total sales increased 12% and comparable store sales rose 10%, total sales rose 9% to $123 mln in Japan
• Total sales rose 4% and comps declined 2% in Europe
• Other sales on a constant-exchange-rate basis declined 16% in total and comparable store sales on that same basis decreased 12%, reported in USD, sales of $19 mln were 20% below prior year

Company Outlook for 2015-2016

Management expects net earnings ending Jan 31, 2016 to decline ~ 10% (compared with its previously-reported forecast of 5%-10% decline) from last year's $4.20 per diluted share, excluding loan impairment charge in the Q215 and debt extinguishment charge in 2014, down to $3.78 vs consensus $3.88

"Management currently believes that the strong dollar and global macro challenges will likely result in minimal growth in net sales and net earnings [consensus EPS +14.8% to $4.34, rev +% to $4.2 bln] as reported in dollars and excluding charges in 2015, for the year, all assumptions and expectations are approximate and may or may not prove valid. Co maintains its forecast to generate at least $500 mln of free cash flow FY16

Tiffany & Co (TIF) reported earnings Tue 24 Nov 2015 (before open)

** charts after earnings **

Tiffany & Co beats by $0.01, misses on revs; lowers FY16 EPS to slightly below consensus :

• Reports Q3 (Oct) earnings of $0.76 per share, excluding items, $0.01 better than the Capital IQ Consensus of $0.75; revenues fell 2.2% year/year to $938.2 mln vs the $971.07 mln Capital IQ Consensus. 
• In the Americas, on a constant-exchange-rate basis total sales and comparable store sales in the third quarter were 5% and 6% below the prior year, respectively, (compared with an 11% comparable store sales increase last year), and year-to-date total and comparable store sales declined 1% and 2%, respectively. Gross margin (gross profit as a percentage of net sales) in the third quarter rose to 60.2%, from 59.5% a year ago. 
• In light of third quarter results, negative effects from the strong U.S. dollar and increased global uncertainties, co lowers guidance for FY16 EPS to be 5-10% below last year's $4.20 per diluted share (excluding the loan impairment charge in the second quarter of 2015 and a debt extinguishment charge in 2014), or ~$3.78-3.99, prior guidance down 2-5% to ~$3.99-4.1 vs. $4.03 Capital IQ Consensus Estimate.

Tiffany's (TIF) reported earnings Mon 27 Aug 2012

Tiffany's (TIF) second-quarter earnings rose 2%, though the jewelry chain's same-store sales dropped 3% and it again cut its full-year earnings and comparable-sales estimates. Shares were rising Friday as expectations were "so low" heading into the luxury jeweler's report, Canaccord Genuity analyst Laura Champine told Dow Jones. "It looked set up for a huge miss," she said, adding "this is one of the very, very few times in my career that a company misses and I'm thrilled with the results."

stock +7.20%

 ** weekly **