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More on Tiffany FQ4: Swatch defeat causes net loss; guidance light

  • Tiffany (TIF) swings to a net loss of $103.6M from a profit of $179.6M a year earlier after taking a pretax charge of $473M related to an arbitration case that the company lost to Swatch.
  • Global net sales +9% on a constant currency basis, comparable sales +6%.
  • "Sales growth was led by fine and statement jewelry, new or expanded jewelry collections...and continuing strength in our iconic jewelry designs," says CEO Michael Kowalski.
  • Guidance: FY 2014 EPS of $4.05-4.15 vs forecasts of $4.28; worldwide net sales to increase by a high-single-digit percentage.
  • Tiffany plans to add 13 company-operated stores and to close four outlets this year.
  • Shares -1.95% premarket. (PR)
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