Executive Summary

• Tiffany & Co. reported fiscal 4Q16 adjusted EPS of $1.45, beating the consensus estimate of $1.38. Revenues increased by 1.3%, to $1.2 billion, which was in line with guidance.
• Comparable-store sales on a constant exchange rate basis in the Americas declined 5% for the full year and 2% for the fourth quarter.
• The company’s guidance for fiscal 1Q17 includes an increase in worldwide net sales over the prior year by a low single-digit percentage and by a mid single-digit percentage on a constant exchange rate basis. The company expects net earnings per share to increase by a high single-digit percentage over 2016’s EPS of $3.55 and by a mid single-digit percentage over $3.75.