NEW YORK — Shares of Tiffany & Co. fell in morning trading Friday as the luxury jeweler warned of a challenging year ahead.
The New York company said the strong U.S. dollar, soft sales in the U.S. and rising costs to open as much as 15 more stores around the world will hurt its earnings for the year.
It expects "minimal growth" of its earnings this year from $4.20 per share last year. Analysts expected earnings of $4.41 for the year ending Jan. 31, 2016, according to FactSet.
Tiffany reported a profit in its fiscal fourth-quarter after posting a loss a year earlier. It had net income of $196.2 million, or $1.51 per share.
That narrowly topped the $1.50 per share average estimate of 14 analysts surveyed by Zacks Investment Research.
The company posted revenue of $1.29 billion in the period, which fell short of Street forecasts. Eleven analysts surveyed by Zacks expected $1.3 billion.
For the year, the company reported profit of $484.2 million, or $3.73 per share. Revenue was reported as $4.25 billion.
Tiffany shares fell $2.91, or 3.4 percent, to $83.46 in morning trading Friday. Tiffany shares had been down 19 percent since the beginning of the year and declined roughly 7 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on TIF at http://www.zacks.com/ap/TIF
Keywords: Tiffany, Earnings Report
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