Originally published at www.seclive.com
Filing in Focus: Tiffany & Co. 8-K, March 21, 2014
Tiffany & Co. (TIF) announced its quarterly and full fiscal year results for 2013, posting a quarterly net loss due to an adverse arbitration ruling between the company and Swatch. The worldwide jewelry retailer reported net sales increases of 5% quarterly and 6% annually while adjusted net earnings increased 6% quarterly and 15% annually. Impacting earnings by $0.81 per share, or $104M, was the $473M pretax charge related to an adverse arbitration ruling with Swatch. Earnings for fourth quarter were $190M and $1.47 per share, up from $180M and $1.40 per share in the year-ago quarter. Chairman and CEO Michael Kowalski commented that the company saw sales and operating earnings increase to record levels, when excluding the arbitration charges. Adjusted annual net earnings increased 15% from $416M and $3.25 per share to $481M and $3.73 per share.
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