Tiffany & Co.(NYSE: TIF), the luxury jewelry company, reported its second-quarter financial results. Revenue and earnings both surpassed expectations, and shares of the company rose 1.6% in Thursday premarket trading after the announcement.
For the second quarter, the company reported net income of $115.0 million, or $92 per share, increasing from $105.7 million, or $84 per share for the same period last year. The earnings result was above analysts’ estimate of $0.86 per share. As for the revenue, Tiffany announced that its revenue for the second quarter increased from $931.6 million last year to $959.7 million, beating expectation of $930.0 million.
For the full year of 2017, the company expected net sales to increase by a low-single-digit percentage, and net earnings per diluted share to increase by a high-single-digit percentage. In addition, net cash provided by operating activities was expected to be around $700 million, and free cash flow was expected to be around $450 million.
“While net earnings rose in the first half, we remain determined to drive comparable store sales growth and stronger, sustainable earnings growth through a continued focus on product design innovation in jewelry and luxury accessories, further optimization of our store base, more impactful marketing communications and highly effective customer engagement both in-store and online,” Michael J. Kowalski, the Chairman of the Board and Interim Chief Executive Officer of Tiffany, said in the statement on Thursday.
He also announced in the statement the appointment of Alessandro Bogliolo, the new Chief Executive Officer of the company. “My fellow directors and I believe that, under his leadership, the management team can realize the potential of our extraordinary global brand,” he said.