Executive Summary

• Tiffany reported EPS of $1.03, down 9.7% and beating the consensus estimate of $1.01. Total revenue for the quarter declined 2.9% to $1.00 billion, missing the consensus estimate of $1.01 billion.
• Comps declined 5% (2% currency neutral) worldwide, partly because of weak tourist spending.
• For fiscal 2019 the company expects low-single-digit growth in both global net sales and comps. EPS will grow in the low- to mid-single-digits.