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Tiffany beats 4Q forecasts
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March 1, 2000: 8:03 a.m. ET
Strong sales gains both at home and abroad drive better-than-expected gain
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NEW YORK (CNNfn) - Luxury retailer Tiffany and Co. reported a sharp rise Wednesday in fiscal fourth-quarter profit and sales, beating estimates for the period that includes the strong holiday shopping season.
The New York-based company reported a 59 percent rise in net income to $84.6 million, or $1.11 a diluted share, for the quarter ended Jan. 31. Analysts surveyed by earnings tracker First Call forecast earnings of $1.09 a share in the period. In the year-earlier period, the company posted net income of $53.3 million, or 74 cents a diluted share when adjusted for a split.
Revenue in the quarter rose 26 percent to $559.8 million from $442.8 million. U.S. store sales, which account for just more than half of revenue, gained 27 percent, as did stores outside the country. Direct marketing sales increased 21 percent in the period to $53.5 million, and Internet sales, which began in November, contributed to the gain.
For the fiscal year, net income came to $145.7 million, or $1.95 a diluted share, compared with $90.1 million, or $1.25 a diluted share, in fiscal 1999. Revenue for the fiscal year came to $1.5 billion, up 25 percent from the $1.2 billion a year earlier.
Most major retailers have beaten already strong estimates for the fiscal fourth quarter, confirming that this year's holiday shopping season was a particularly strong one.
Shares of Tiffany (TIF: Research, Estimates) rose 1/2 to 64 in trading Tuesday. 
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Tiffany & Co.
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