Tiffany handles bad loan, still beats
Tiffany says loans made to a diamond company hurt its fourth-quarter earnings, but adjusted results beat analyst expectations.
The jewelry retailer said Monday profit for the quarter ended Jan. 31 fell to $118.3 million, or 89 cents per share, from $140.5 million, or $1.07 per share last year. Excluding one-time charges, profit was $1.27 per share, above the $1.21 per share analysts expected.
One-time items include a charge of 22 cents per share for loans made to Tahera Diamond Corp., (TAHE.F) which sought judicial protection from creditors in January.
New York-based Tiffany & Co.’s (TIF) revenue rose 10% to $1.05 billion, from $958.9 million last year, matching analysts’ predictions.
The company expects a 2008 profit of $2.75 to $2.85 per share credit reports. Analysts forecast earnings of $2.28 per share.
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