Tiffany's Hits New 52-Week High After Solid Q4 Earnings

Shares of Tiffany & Co. TIF set a new 52-week high in Friday's pre-market hours after the company posted an EPS beat for the fourth quarter.

• Tiffany Reports Q4 Adj. EPS $1.45 vs $1.38 Est., Sales $1.2B vs $1.22B Est., Comps Unch
• Tiffany Sees FY17 Sales Growth in Low-Single-Digit Percentage Range, Earnings Up in High-Single-Digit Range

For fiscal 2017, Tiffany expects sales to increase in low-single digits and by a mid-single-digit percentage on a constant-exchange-rate basis.

The company projects FY2017 EPS to rise by a high-single-digit percentage over 2016 EPS of $3.55 and by a mid-single-digit-percentage over 2016's adjusted EPS of $3.75.

"Despite macroeconomic and geopolitical challenges in the past year that we believe will continue in 2017, we strongly believe that Tiffany's strategies are sound and that we have meaningful growth opportunities,” Michael Kowalski, Interim Chief Executive Officer, said in a press release.

Shares of Tiffany closed Thursday at $89.98. In the pre-market hours, the stock is up 3.52 percent to $93.15, a new 52-week high for the stock.

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