Tiffany & Co. (TIF) has reported a 6.17 percent rise in profit for the quarter ended Apr. 30, 2017. The company has earned $92.90 million, or $0.74 a share in the quarter, compared with $87.50 million, or $0.69 a share for the same period last year.
Revenue during the quarter went up marginally by 0.93 percent to $899.60 million from $891.30 million in the previous year period. Gross margin for the quarter expanded 77 basis points over the previous year period to 61.98 percent. Total expenses were 83.82 percent of quarterly revenues, down from 84.90 percent for the same period last year. This has led to an improvement of 108 basis points in operating margin to 16.18 percent.
Operating income for the quarter was $145.60 million, compared with $134.60 million in the previous year period.
Michael J. Kowalski, chairman of the board and interim chief executive officer, said, "While these results modestly exceeded our near-term expectations, we are focused on executing long-term strategies to achieve stronger and sustainable performance through product introductions, optimization of our store base, effective marketing communications and the delivery of experiences that resonate with our customers. In so doing, we believe TIFFANY & CO. is well-positioned to generate an attractive total shareholder return over the long-term."
Debt comes down marginally
Tiffany & Co. has recorded a decline in total debt over the last one year. It stood at $1,071.10 million as on Apr. 30, 2017, down 2.87 percent or $31.70 million from $1,102.80 million on Apr. 30, 2016.
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