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Tiffany Reports Strong Growth In Sales and Earnings In Its Second Quarter
Nachrichtenquelle: Business Wire (engl.)
| 27.08.2014, 13:00 |
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<a href="http://www.lovetiffanyandco.com">tiffany and co</a>
Tiffany & Co. (NYSE:TIF) today reported its financial results for the
three months (“second quarter�) ended July 31, 2014. Net earnings rose
16% due to a 7% increase in worldwide net sales and a higher gross
margin. Management increased its earnings forecast for the current
fiscal year by five cents per share.
tiffany & co
Michael J. Kowalski, chairman and chief executive officer, said, “These
healthy second quarter results reflected solid sales growth in our
stores, particularly in the Americas and Asia-Pacific regions. In
addition, an improved gross margin was an important contributor to the
earnings growth. We were also pleased with solid performance across most
product categories, ranging from the success of perennial classics in
fine, statement and engagement jewelry to our newest ATLAS collection,
and we are excited about the current debut of our new TIFFANY T jewelry
collection.�

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In the second quarter:
Worldwide net sales increased 7% to $993 million. On a
constant-exchange-rate basis excluding the effect of translating
foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP
Measures�), worldwide net sales increased 7% and comparable store
sales increased 3% largely due to growth in the Americas and
Asia-Pacific regions.
Net earnings rose 16% to $124 million, or $0.96 per diluted share,
compared with $107 million, or $0.83 per diluted share, in last year’s
second quarter, benefiting from the sales growth and a higher gross
margin.
tiffany rings
In the six months (“first half�) ended July 31,
2014:
Worldwide net sales rose 10% to $2.0 billion. On a
constant-exchange-rate basis, (see “Non-GAAP Measures�), worldwide net
sales rose 11% due to sales growth in all regions and comparable store
sales rose 7%.
Net earnings increased 31% to $250 million, or $1.92 per diluted
share, from $190 million, or $1.48 per diluted share, in the first
half of last year. Excluding pre-tax expense of $9 million, or $0.05
per diluted share, that was recorded in last year’s first quarter for
staff and occupancy reductions (see “Non-GAAP Measures�), net earnings
rose 27%.
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Net sales highlights by region were as follows:
In the Americas, total sales rose 9% in the second quarter to $484
million and increased 8% in the first half to $922 million. On a
constant-exchange-rate basis, total sales rose 10% in the quarter and
9% in the half reflecting geographically-broad-based growth across
most of the region, while comparable store sales were up 8% in both
periods.
In Asia-Pacific, total sales increased 14% in the second quarter to
$237 million and rose 15% in the first half to $498 million. On a
constant-exchange-rate basis, total sales rose 13% in the second
quarter and 16% in the first half with comparable store sales up 7%
and 9%, respectively, due to strong growth in Greater China and
Australia.
In Japan, total sales declined 13% in the second quarter to $119
million (a 10% decline on a constant-exchange-rate basis). As
expected, the second quarter’s sales decline reflected a softening of
customer demand after exceptionally strong 20% total sales growth in
the first quarter (a 29% increase on a constant-exchange-rate basis)
when customers had accelerated their purchases in anticipation of an
increase in Japan’s consumption tax on April 1 st .
Management noted that, after a substantial sales decline in April, the
Company experienced sequentially smaller rates of monthly sales
declines during the second quarter. In the first half, total sales
rose 4% to $293 million (a 10% increase on a constant-exchange-rate
basis). Comparable store sales on a constant-exchange-rate basis
declined 13% in the quarter and increased 9% in the half.
In Europe, total sales increased 8% in both the second quarter and
first half to $120 million and $221 million, respectively. On a
constant-exchange-rate basis, total sales increased 1% in the quarter
and 2% in the half; comparable store sales declined 8% and 5%,
respectively, reflecting weak performance in the U.K. and most of
continental Europe.
Other sales rose 28% in the second quarter to $33 million and 34% in
the first half to $71 million. The increases were primarily due to
retail sales growth reflecting the opening of the first
Company-operated TIFFANY & CO. store in Russia, as well as 2% and 10%
comparable store sales growth in the United Arab Emirates.
During the second quarter, Tiffany opened one store in the Americas in
Aventura, Florida; it has opened five stores in the first half. At
July 31, 2014, the Company operated 293 stores (122 in the Americas,
72 in Asia-Pacific, 55 in Japan, 38 in Europe, five in the U.A.E. and
one in Russia), versus the prior year’s 277 stores (116 in the
Americas, 67 in Asia-Pacific, 54 in Japan, 35 in Europe and five in
the U.A.E.).
tiffany and co
Other financial highlights:
Gross margin (gross profit as a percentage of net sales) increased to
59.9% in the second quarter and 59.1% in the first half, from 57.5%
and 56.8% in the respective prior-year periods. The increases largely
reflected favorable product costs and price increases taken across all
product categories and regions, and, to a lesser extent, sales
leverage on fixed costs resulting from the increase in worldwide net
sales.
SG&A (selling, general and administrative) expenses rose 9% in the
second quarter primarily due to increases in labor and other
store-related costs, as well as higher marketing spending, and SG&A
expenses rose 7% in the first half. Excluding $9 million of staff and
occupancy reduction expenses recorded in last year’s first quarter,
SG&A expenses in the first half rose 8%.
The operating margin (earnings from operations as a percentage of net
sales) rose to 21.0% in the second quarter due to the higher gross
margin, and rose to 20.9% in the first half due to the higher gross
margin and sales leverage on operating expenses.
The effective tax rate was 35.5% in the second quarter and 35.3% in
the first half, versus 34.2% and 34.5% in the respective prior-year
periods.
Cash and cash equivalents and short-term investments totaled $398
million at July 31, 2014, versus $490 million a year ago. Total
short-term and long-term debt, and as a percentage of stockholders’
equity, were $1.03 billion and 35%, respectively, at July 31, 2014,
versus $964 million and 35% a year ago.
Net inventories were $2.5 billion at July 31, 2014, or 9% higher than
a year ago, in support of new product introductions and anticipated
sales growth.
Capital expenditures were $91 million in the first half, compared with
$87 million a year ago.
In March 2014, the Company's Board of Directors authorized a new
program to repurchase up to $300 million of the Company's common stock
over a three-year period which expires in March 2017. The Company
spent approximately $9 million in the second quarter to repurchase
102,000 shares of its common stock at an average cost of $90.98 per
share, and it spent approximately $16 million in the first half to
repurchase 184,000 shares at an average cost of $89.18 per share. At
July 31, 2014, $284 million remained authorized for future repurchases.
Outlook for 2014:
For the fiscal year ending January 31, 2015, management is now
forecasting net earnings in a range of $4.20-$4.30 per diluted share,
versus its most recently-published forecast of $4.15-$4.25 per diluted
share. This full year forecast is based on the following assumptions,
which are approximate and may or may not prove valid:
1) Worldwide net sales increasing by a high-single-digit percentage.
2) Opening 10 Company-operated stores and closing three existing stores:
opening four in the Americas, two in Asia-Pacific, two in Japan, and one
each in Europe and Russia, while closing one each in the Americas,
Asia-Pacific and the U.A.E.
3) Operating margin increasing due to a higher gross margin and SG&A
expense growth less than sales growth.
4) Interest and other expenses, net of $65 million with the increase
over 2013 reflecting the interest cost on higher average levels of
net-debt.
5) An effective income tax rate of 35%.
6) A 6% increase in net inventories.
7) Capital expenditures of $270 million, versus $221 million last year,
with the increase largely reflecting incremental investments in certain
information technology systems.
8) Free cash flow (cash flow from operating activities less capital
expenditures) of at least $400 million.
Today’s Conference Call:
The Company will conduct a conference call today at 8:30 a.m. (Eastern
Time) to review actual results and the outlook. Please click on http://investor.tiffany.com
(“Events and Presentations�).
Tiffany & Co. operates jewelry stores and manufactures products through
its subsidiary corporations. Its principal subsidiary is Tiffany and
Company. The Company operates TIFFANY & CO. retail stores in the
Americas, Asia-Pacific, Japan and Europe, as well as in the United Arab
Emirates and Russia. It also engages in direct selling through Internet,
catalog and business gift operations. For more information, please visit www.tiffany.com
or call the shareholder information line at 800-TIF-0110.
Next Scheduled Announcement:
The Company expects to report third quarter results on Tuesday November
25 th . To be notified of future announcements, please register
at http://investor.tiffany.com
(“E-Mail Alerts�).
This document contains certain “forward-looking� statements concerning
the Company’s objectives and expectations with respect to sales,
products, store openings and closings, operating margin, interest and
other expenses, the effective income tax rate, net earnings,
inventories, growth opportunities, capital expenditures and free cash
flow. Actual results might differ materially from those projected in the
forward-looking statements. Information concerning risk factors that
could cause actual results to differ materially is set forth in the
Company’s Form 10-K, 10-Q and 8-K reports filed with the Securities and
Exchange Commission. The Company undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events or
circumstances.
TIFFANY & CO. AND SUBSIDIARIES (Unaudited)
NON-GAAP MEASURES
The Company reports information in accordance with U.S. Generally
Accepted Accounting Principles (“GAAP�). The Company's management does
not, nor does it suggest that investors should, consider non-GAAP
financial measures in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. The Company presents such
non-GAAP financial measures in reporting its financial results to
provide investors with an additional tool to evaluate the Company's
operating results.
Net Sales
The Company's reported net sales reflect either a translation-related
benefit from strengthening foreign currencies or a detriment from a
strengthening U.S. dollar. Internally, management monitors and measures
its sales performance on a non-GAAP basis that eliminates the positive
or negative effects that result from translating sales made outside the
U.S. into U.S. dollars (“constant-exchange-rate basis�). Management
believes this constant-exchange-rate basis provides a more
representative assessment of sales performance and provides better
comparability between reporting periods. The following table reconciles
the sales percentage increases (decreases) from the GAAP to the non-GAAP
basis versus the previous year:
Second Quarter 2014 vs. 2013
Â*
Â*
First Half 2014 vs. 2013
GAAP
Reported
Â*
Translation
Effect
Â*
Constant-
Exchange-
Rate Basis
Â*
Â*
GAAP
Reported
Â*
Translation
Effect
Â*
Constant-
Exchange-
Rate Basis
Net Sales:
Â*
Â*
Â*
Â*
Â*
Worldwide
7
%
—
%
7
%
10
%
(1
)%
11
%
Americas
9
%
(1
)%
10
%
8
%
(1
)%
9
%
Asia-Pacific
14
%
1
%
13
%
15
%
(1
)%
16
%
Japan
(13
)%
(3
)%
(10
)%
4
%
(6
)%
10
%
Europe
8
%
7
%
1
%
8
%
6
%
2
%
Other
28
%
—
%
28
%
34
%
—
%
34
%
Comparable Store Sales:
Worldwide
3
%
—
%
3
%
6
%
(1
)%
7
%
Americas
8
%
—
%
8
%
7
%
(1
)%
8
%
Asia-Pacific
7
%
—
%
7
%
8
%
(1
)%
9
%
Japan
(15
)%
(2
)%
(13
)%
3
%
(6
)%
9
%
Europe
(2
)%
6
%
(8
)%
1
%
6
%
(5
)%
Other
2
%
—
%
2
%
10
%
—
%
10
%
Net Earnings
The accompanying press release presents net earnings and highlights
expenses tied to certain items in the text. Management believes
excluding such items presents the Company's results on a more comparable
basis to the corresponding period in the prior year, thereby providing
investors with an additional perspective to analyze the results of
operations of the Company at July 31, 2014. The following table
reconciles certain GAAP amounts to non-GAAP amounts:
Â*
Six Months Ended
July 31, 2013
(in thousands, except per share amounts)
Â*
$
(after tax)
Â*
Diluted
EPS
Net earnings, as reported
$
190,358
Â*
$
1.48
Cost reduction initiatives a
5,785
Â*
Â*
0.05
Net earnings, as adjusted
$
196,143
Â*
Â*
$
1.53
a On a pre-tax basis, includes charges of $9,379,000 within
SG&A for the first half of 2013 associated with severance related to
staffing reductions and subleasing of certain office space for which
only a portion of the Company's future rent obligations will be
recovered.
TIFFANYÂ*& CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited, in thousands, except per share amounts)
Â*
Three Months Ended July 31,
Â*
Six Months Ended July 31,
2014
Â*
Â*
2013
Â*
2014
Â*
Â*
2013
Net sales
$
992,930
Â*
$
925,884
$
2,005,062
Â*
$
1,821,368
Â*
Cost of sales
397,767
Â*
393,755
Â*
820,373
Â*
786,015
Â*
Gross profit
595,163
532,129
1,184,689
1,035,353
Â*
Selling, general and administrative expenses
386,642
Â*
355,243
Â*
766,375
Â*
717,309
Â*
Earnings from operations
208,521
176,886
418,314
318,044
Â*
Interest and other expenses, net
16,151
Â*
14,694
Â*
32,427
Â*
27,406
Â*
Earnings from operations before income taxes
192,370
162,192
385,887
290,638
Â*
Provision for income taxes
68,250
Â*
55,411
Â*
136,158
Â*
100,280
Â*
Net earnings
$
124,120
Â*
$
106,781
Â*
$
249,729
Â*
$
190,358
Â*
Net earnings per share:
Â*
Basic
$
0.96
Â*
$
0.84
Â*
$
1.93
Â*
$
1.49
Diluted
$
0.96
Â*
$
0.83
Â*
$
1.92
Â*
$
1.48
Â*
Weighted-average number of common shares:
Â*
Basic
129,252
127,826
129,093
127,572
Diluted
129,908
128,771
129,851
128,606
TIFFANYÂ*& CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
Â*
Â*
July 31,
Â*
January 31,
Â*
July 31,
2014
2014
2013
ASSETS
Â*
Current assets:
Cash and cash equivalents and short-term investments
$
398,434
$
367,035
$
489,782
Accounts receivable, net
190,318
188,814
161,746
Inventories, net
2,531,451
2,326,580
2,328,510
Deferred income taxes
104,909
101,012
77,948
Prepaid expenses and other current assets
225,863
Â*
244,947
Â*
181,931
Â*
Total current assets
3,450,975
3,228,388
3,239,917
Â*
Property, plant and equipment, net
857,317
855,095
814,593
Other assets, net
627,533
Â*
668,868
Â*
677,208
Â*
$
4,935,825
Â*
$
4,752,351
Â*
$
4,731,718
Â*
LIABILITIES AND STOCKHOLDERS’ EQUITY
Â*
Current liabilities:
Short-term borrowings
$
275,433
$
252,365
$
207,412
Accounts payable and accrued liabilities
300,781
342,090
276,810
Income taxes payable
28,374
31,976
36,731
Merchandise and other customer credits
65,510
Â*
70,309
Â*
67,921
Â*
Total current liabilities
670,098
696,740
588,874
Â*
Long-term debt
750,070
751,154
756,807
Pension/postretirement benefit obligations
279,502
268,112
342,361
Other long-term liabilities
213,869
220,512
221,692
Deferred gains on sale-leasebacks
77,858
81,865
86,688
Stockholders’ equity
2,944,428
Â*
2,733,968
Â*
2,735,296
Â*
$
4,935,825
Â*
$
4,752,351
Â*
$
4,731,718

Wertpapier: Tiffany & Co
Themen: Euro , Japan , IFF
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Cartier Iron Announces Financing
Cartier Iron Corporation
June 24, 2014 12:44 PM
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<p><strong><a href="http://www.cartieronlinesale.com">cartier</a></strong> TORONTO, ONTARIO--(Marketwired - Jun 24, 2014) - Cartier Iron Corporation (CSE:CFE) ("Cartier Iron"), is pleased to announce that it is proceeding with a non-brokered private placement (the "Private Placement") of up to 7,500,000 common shares ("Shares") of Cartier Iron at a price of $0.20 per Share for gross proceeds of up to $1,500,000. </p> <p><strong><a href="http://www.cartieronlinesale.com">replica cartier</a></strong> In a related matter, Champion Iron Mines Limited, a wholly-owned subsidiary of Champion Iron Limited (collectively, "Champion"), currently has a pre-emptive right to subscribe for additional securities of Cartier Iron. Cartier Iron is currently indebted to Champion in the amount of approximately $2.1 million (the "Indebtedness"). In connection with the Private Placement, Champion has agreed to convert $1.05 million of the Indebtedness into Shares at the same subscription price as under the Private Placement, subject to Cartier Iron raising a minimum amount of $500,000. In the event Cartier Iron raises more than $1.05 million under the Private Placement, Champion has agreed to also convert an additional amount of Indebtedness equal to the amount by which the gross proceeds of the Private Placement exceeds $1.05 million into Shares on the same terms.</p> <p><strong><a href="http://www.cartieronlinesale.com">replica cartier</a></strong> Following the closing of the Private Placement, the remainder of the Indebtedness will be converted to a demand loan, which is unsecured, bears interest at the rate of LIBOR plus 2%, and is due 6 months after Champion demands repayment (the "Demand Loan"). Champion will have the right to convert the Demand Loan plus accrued but unpaid interest into Cartier Iron Shares, subject to the minimum pricing rules and stock exchange approval.</p> <p><strong><a href="http://www.cartieronlinesale.com">cartier rings</a></strong> The net proceeds of the Private Placement will be used to finance ongoing exploration at Cartier Iron's optioned Penguin Lake Project and for general working capital purposes.</p> <p><strong><a href="http://www.cartieronlinesale.com">cartier jewelry</a></strong> About Cartier Iron Corporation </p> <p><strong><a href="http://www.cartieronlinesale.com">cartier jewelry</a></strong> Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in the province of Quebec. Cartier Iron's projects include the optioned Gagnon Holdings in the Cote-Nord Region of east-central Quebec, and the Borel River Prospect in the Nunavik Region of northern Quebec. Cartier Iron announced on December 19, 2013 that the Penguin Lake deposit, which underlies part of the Round Lake claim group (one of Cartier Iron's optioned Gagnon Holdings), hosts an in-pit Inferred Resource of 531 million tonnes grading 33% Total Iron at a 15% cut-off grade. Cartier Iron also announced on March 24, 2014 that it has engaged BBA Inc. to complete a Preliminary Economic Assessment of the Penguin Lake Project.</p> <p>For additional information on Cartier Iron, please visit our website at www.cartieriron.com .</p> <p> The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking statements. </p> Finance
Contact:
Cartier Iron Corporation John Langton President & Director (819) 874-8768
Cartier Iron Corporation Jorge Estepa Vice-President (416) 360-8006 www.cartieriron.com
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