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.

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