Monday, March 21, 2011
Tiffany Posts Earnings Gem
Tiffany & Co. posted fourth-quarter earnings of $181.2 million, or $1.41 per share, compared to $140.4 million, or $1.10 per share, in the same quarter last year.
Sales rose 12%, to $1.1 billion, and adjusted earnings of $1.44 per share exceeded analyst estimates.
Tiffany ( TIF - news - people ) said it expects sales to fall 15% in Japan in the current quarter, leading to a cut in its earnings forecast for the first quarter, to $0.57 per share.
Also Monday, Gem Diamonds said it is in talks to merge with Lucara Diamond Corp.
Gem Diamonds said its negotiations are at a very early stage, with no certainty that a deal will take place.
Should a deal go through, it would be as a reverse takeover transaction.