- 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)