Shares of Tiffany (TIF) were climbing 6% this morning to $72.85 after the jeweler’s earnings report.
For the fourth quarter, Tiffany reported a profit of $178.4 million, or $1.39 a share, down from a year-earlier profit of $181.2 million, or $1.41 a share. Sales rose 7.8% to $1.19 billion. Analysts were expecting earnings of $1.42 a share on revenue of $1.18 billion.
However, investors overlooked the bottom-line miss, as the company forecast earnings of $3.95 to $4.05 a share on 10% worldwide sales growth, well ahead of the current consensus of $3.93 a share on a 7% increase in salesÂ to $3.91 billion.
Barron’s was bullish on Tiffany’s earlier this month, noting that the stock could climb into the $70s as sales growth accelerates.