Tiffany & Co. (NYSE: TIF) reported fourth-quarter and fiscal year 2013 results before markets opened Friday. The luxury goods company reported adjusted diluted earnings per share (EPS) of $1.47 on revenues of $1.3 billion. In the same period a year ago, Tiffany reported EPS of $1.40 on revenue of $1.20 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.52 and $1.31 billion in revenue.

For the full year, Tiffany reported EPS of $3.73 on revenues of $4.03 billion, compared with EPS of $3.25 and revenues of $3.79 billion in 2012. The consensus estimates called for EPS of $3.77 on revenues of $4.03 billion.

The fourth-quarter net loss on a GAAP basis totaled $0.81 per share. The adjusted earnings were boosted by about $450 million the company paid out as an arbitration award to Swatch Group and cost shareholders $2.27 per share in the quarter and $2.28 per share over the full year. It is worth noting, however, that even the adjusted earnings did not meet consensus estimates, although revenues were in-line.

To take the sting out of the net loss, Tiffany also announced today that its board of directors has approved a new $300 million stock repurchase program to replace one that expired at the end of January. The new program expires in March 2017.

For the 2014 fiscal year, Tiffany forecast net earnings of $4.05 to $4.15 per diluted share. The forecast is based on several factors: a revenue increase in the high single digits on a constant dollar basis; adding 13 company-operated stores and closing four others; higher operating earnings; capital spending of $270 million; free cash flow of at least $400 million; and other items. The consensus estimate calls for EPS of $4.28 on revenues of $4.34 billion, or a revenue increase of about 7.5%.

The company’s gross margins rose to 60.5% in the fourth quarter and 58.1% for the full year. The company attributes the turnaround to “reduced cost pressures, as well as price increases taken earlier in the year.”

Shares are down about 2% in premarket trading Friday, at $89.39 in a 52-week range of $67.75 to $94.88. Thomson Reuters had a consensus analyst price target of around $97.30 before the results were announced.

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