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

|About: Tiffany & Co. (TIF)|By:, SA News Editor

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)