Tiffany & Co. (NYSE: TIF) released its fiscal second-quarter financial results before the markets opened on Wednesday. The jewelry retailer said that it had $1.12 in earnings per share (EPS) and $1.00 billion in revenue, compared with consensus estimates that called for $1.04 per share and $1.06 billion. The same period of last year reportedly had EPS of $1.17 on revenue of $1.08 billion.

During the latest quarter, worldwide net sales declined 3% year over year and comparable sales declined 4%. On a constant-currency basis, net sales declined 1% and comparable sales declined 3%.

Looking ahead to the fiscal 2019 year, the company expects to see EPS increasing by a low-to-mid-single-digit percentage year over year and worldwide net sales increasing by a low-single-digit percentage. The consensus estimates are $4.89 in EPS and $4.5 billion in revenue for the full year.

In terms of its segments for the quarter, Tiffany reported as follows:

• In the Americas, total net sales decreased 4% in both the second quarter and the first half, to $455 million and $861 million, respectively; comparable sales decreased 4% in the second quarter and 5% in the first half.
• In Asia-Pacific, total net sales decreased 1% in both the second quarter and the first half, to $298 million and $622 million, respectively, which included comparable sales declines of 3% in the second quarter and 4% in the first half.
• In Japan, total net sales of $155 million were unchanged in the second quarter and decreased 2% to $300 million in the first half, and comparable sales decreased 1% and 2%, respectively.
• In Europe, total net sales declined 4% in both the second quarter and the first half, to $116 million and $219 million respectively, and comparable sales declined 6% and 7%, respectively, due to the effect of foreign currency translation.

CEO Alessandro Bogliolo commented:

Our second quarter and first half results were mixed with sales coming in below, but net earnings exceeding, our expectations. As with the first quarter, we are encouraged in the second quarter by sales growth attributed to our local customer base globally, which was again led by double digit growth in mainland China. With the tough comparison to last year’s strong performance in the first half behind us, and in spite of the headwinds of weak demand from foreign tourists, currency exchange rate pressures and continuing business disruptions in Hong Kong, we are actively managing what is in our control and positioning our Brand to win – accelerating new product introductions and keeping a visible profile.

Shares of Tiffany closed Tuesday at $82.67, in a 52-week range of $73.04 to $131.20. The consensus price target is $106.59. Following the announcement, the stock was up about 2% at $84.10 in early trading indications Wednesday.

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