Cowen Cuts Price Target on Tiffany & Co. (TIF) on Macro and F/X Uncertainty
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Tiffany Reports Second Quarter Results
August 27, 2015 7:00 AM EDTNEW YORK--(BUSINESS WIRE)-- Tiffany & Co. (NYSE: TIF) today reported its financial results for the three months (second quarter) ended July 31, 2015. Worldwide net sales rose 7% on a constant-exchange-rate basis (see Non-GAAP Measures schedule); as reported, sales were approximately equal to the prior year due to the negative effect from the strength of the U.S. dollar. A decline of 16% in net earnings, as reported, included an impairment charge related to a loan to a diamond mining company; excluding the charge, net earnings declined 10% (see Non-GAAP Measures schedule), in line with managements expectation. Management now expects net... More
