Mar 26, 2017 11:16 PM EDT
Jewelry retailer Tiffany & Co. posts a three-percent decline in the year ending January 31, 2017, and a one-percent increase in the fourth quarter.
The results were consistent with its previously issued guidance for the 2016 fiscal year.
Tiffany's worldwide net sales dipped three percent in the year and increased to one percent in the fourth quarter. Meanwhile, in both periods, higher gross margins countered growth in operating expenses. Net earnings per diluted share plummeted one percent in the full year and two percent in the fourth quarter. Tiffany & Co. generated more than $700 million of cash flow from operating activities in the full year.
The high-end jewelry retailer has posted strong retail sales growth in China, increased wholesale sales in Korea, a decelerating rate of retail sales decline in Hong Kong and varying performance in other countries.
In Japan, the company's total sales saw a 15-percent increase to $185 million in the fourth quarter, and a 19-percent increase in comparable store sales.
Sales in its home US market is struggling, especially at its New York store, which is close to Trump Towers. Access to it was disrupted because of the extra security measures on the building.
Michael J. Kowalski, Tiffany & Co. chairman of the Board and interim CEO, said he believes the company's strategies are solid enough and will have meaningful opportunities for growth.
"Our management team is focused on accelerating the execution of our strategies to deliver extraordinary products, communications and experiences that will delight our customers around the world. Through strong leadership and this accelerated execution, we believe we are well-positioned to deliver attractive total shareholder return over the long-term," he stated.
Meanwhile, the company together with JANA Partners LLC, announced the appointment of three new independent directors to the Board. Tiffany & Co. names Roger Farah, James Lillie and Francesco Trapani as directors effective last March 6. With their addition, the Board will increase from 10 to 13 members. In addition, Trapani will join the Board's nominating and corporate governance committee and search committee to oversee the company's previously announced search for a new chief executive officer.
Tiffany also announced that it will limit waivers under the retirement age provision so that one current director will not stand for reelection during this year's Annual Meeting of Shareholders and two current directors will not stand for reelection at 2018. In regards to the appointments, Tiffany & Co. has also entered into cooperation agreements with JANA Partners.
People who travel for business two weeks or more a month report more symptoms of anxiety and depression and are more likely to smoke, be sedentary and report trouble sleeping than those who travel one to six nights a month, according to a latest study conducted by researchers at Columbia University's Mailman School of Public Health and City University of New York.
President Trump said Friday he is declaring a national emergency on the southern border, tapping into executive powers in a bid to divert billions toward construction of a wall even as he plans to sign a funding package that includes just $1.4 billion for border security.
Amazon's decision to abandon plans to build a new campus in Long Island City, Queens, has drawn cheers from several politicians, community organizers and other locals opposed to the expansion.
One of the hottest topics at the World Economic Forum in Davos, Switzerland has been Alexandria Ocasio-Cortez's proposed 70% marginal tax rate on all income above $10 million.
In recent decades, Europe has experienced a downward trend in the annual number of deaths. Not only was this trend not arrested by the economic recession that started in 2008, in fact, the rate of decline increased during the recession years.
Discovering that your new designer handbag or gold watch is a fake is costly and annoying, and counterfeit medical devices or drugs could have even more serious consequences. But seemingly as soon as manufacturers develop a new method to ensure product authenticity, counterfeiters find a way to outsmart it. Now, researchers have created an "unclonable" tag that can never be replicated, even by the manufacturer. They report their results in ACS Applied Materials & Interfaces.
The traditional model for setting auto insurance premiums has been to base rates on the motorist's driving history, age, gender and even marital status (in some states). Thanks to new technological options, insurance companies, and motorists have started to work together to give the insurance companies access to better data on an individual driver's risk level, and give the same driver a sense of greater control over how much he or she will pay in insurance premiums.
Consumer brands have long used old-fashioned focus groups, interviews and surveys to best gauge consumer wants, desires and needs as part of processes that range from product development, to marketing and sales. As machine learning and artificial intelligence (AI) have emerged, there is an increasing interest in the ability to harness these solutions to save time and money, and to yield more reliable consumer insights.