Tiffany & Co. (NYSE: TIF) reported fourth-quarter and full-year 2012 results before markets opened this morning.

The luxury goods company reported diluted earnings per share (EPS) of $1.40 on revenues of $1.2 billion for the quarter. In the same period a year ago, Tiffany reported EPS of $1.39 on revenue of $1.19 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.36 and $1.25 billion in revenue.

For the full year, Tiffany posted EPS of $3.25 on revenues of $3.8 billion, compared with EPS of $3.40 on revenues of $3.64 billion in 2011. The consensus estimate called for EPS of $3.21 on revenues of $3.8 billion.

At the end of the third quarter, Tiffany lowered its full-year EPS estimate to a range of $3.20 to $3.40, and its results came in closer to the bottom of the range than to the top. Revenues also came in nearer the low end of the company’s January forecast.

The company’s CEO said:

While financial results in fiscal 2012 were disappointing due to lower-than-expected sales growth and pressures on gross margin, we continued to maintain a longer-term focus on strengthening global awareness of the TIFFANY & CO. brand and on further developing compelling product offerings.

In its outlook for 2013, Tiffany expects global net sales to grow by 6% to 8% and net profit growth in the range of 6% to 9% ($3.43 to $3.53 per diluted share). However, in the first quarter, net earnings from operations are expected to fall 15% to 20% “due to gross margin pressure and higher marketing related costs.” Growth is forecast for the other three quarters.

Shares are up about 5.6% in pr-market trading this morning, at $67.91 in a 52-week range of $49.72 to $73.50. Thomson Reuters had a consensus analyst price target of around $67.10 before today’s results were announced.

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