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Sotheby's struck by 'anomalies' in Q2

Aug. 07, 2015 7:10 AM ETSotheby's (BID) StockBy: Clark Schultz, SA News Editor1 Comment
  • Sotheby's (NYSE:BID) reports agency commissions and fees slipped 1.8% to $310.38M in Q2.
  • Inventory sales -20% to $7.01M.
  • Auction commission margin was up 30 bps to 15.5% during the quarter.
  • The company boosted the size of its repurchase program to $250M and indicates it will buy $125M in the near term.
  • CEO Tad Smith said some "anomalies" depressed the bottom line in Q2. He noted the company's strategic plan is moving forward.
  • Previously: Sotheby's misses by $0.20, misses on revenue (Aug. 07 2015)

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