Tiffany & Co. TIF, -0.13% reported a fiscal third-quarter profit that fell more than expected, and net sales and same-store sales that missed forecasts. The stock slipped 0.5% in premarket trading.
Net income declined to $78.4 million, or 65 cents a share, from $94.9 million, or 77 cents a share, in the year-ago period. The FactSet consensus for net EPS was 87 cents. Net sales inched up to $1.015 billion from $1.012 billion, but was below the FactSet consensus of $1.037 billion.
Same-store sales were unchanged from a year ago, missing the FactSet consensus of 1.1% growth. The results come about a week after Tiffany announced an agreement to be acquired by LVMH Moet Hennessy Louis Vuitton in a deal valued at $16.2 billion. Tiffany's stock has soared 66% year to date through Wednesday while the S&P 500 SPX, +0.15% has gained 24%.
source: Market Watch