Shares of Tiffany & Co. (TIF, Financial) rose after reporting second-quarter earnings per share of $1.17 on $1.08 billion in revenue, reflecting a 12.5% year-over-year growth. The company beat earnings estimates by 16 cents and revenue expectations by $40 million.
By geographic area, Americas total net sales rose 8% to $475 million due to higher spending by local customers. In Asia-Pacific, total net sales increased 28% to $301 million as a result of opening new stores and increased wholesale sales and higher demand from local customers. In Japan, total net sales climbed 11% to $155 million. In Europe, total net sales inched up 5% to $121 million.
The gross margin increased to 64% as a result of lower wholesale sales of diamonds, favorable product input costs and sales leverage on fixed costs.
Looking ahead to fiscal 2018, the company expects worldwide net sales to increase by a high-single-digit percentage over the prior year. It also expects net earnings to grow to between $4.65 and $4.80 per diluted share.
Shares of Heico Corp. (HEI, Financial) jumped almost 10% after reporting third-quarter earnings per share of 49 cents on $465.82 million in revenue. The company beat earnings estimates by 4 cents and revenue expectations by $26.04 million.
Operating income increased 33% to a record $101.4 million.
Shares of Best Buy Co. Inc. (BBY, Financial) fell about 5% on second-quarter earnings of 91 cents per share on $9.38 billion in revenue. The company beat earnings estimates by 8 cents and revenue expectations by $100 million.
For the full year, the company expects sales growth between 3.5% and 4.5%. Further, non-GAAP diluted earnings per share are expected to range from $4.95 to $5.10 versus the previous guidance of $4.80 to $5.
Disclosure: The author holds no positions in any stocks mentioned.
