Executive Summary

• Tiffany reported EPS of $1.12, down 4.3% but beating the consensus estimate of $1.04.
• Total revenue for the quarter declined 2.5% to $1.05 billion, missing the consensus estimate of $1.06 billion. On a constant currency basis, net sales declined 1% from the prior year.
• Comps declined 4%, 3% on a constant-currency basis.
• For fiscal 2019, the company expects global net sales growth in the low single digits and low- to mid-single-digit EPS growth. Worldwide comps are expected to be flat compared to the prior year.