UPDATE: Tiffany shares soar 12% premarket after earnings blow past estimates

05/23/18 07:29 AM EDT

Upscale jeweler Tiffany & Co. shares (TIF) surged about 12% in premarket trade Wednesday, after the company blew past earnings estimates for its fiscal first quarter. The company said it had net income of $142.3 million, or $1.14 a share, in the quarter to April 30, up from $92.9 million, or 74 cents a share, in the year-earlier period. Sales rose 15% to $1.0 billion and same-store sales rose 10%. The FactSet consensus was for EPS of 83 cents, sales of $959 million and same-store sales growth of 3.5%. "We are particularly encouraged by the breadth of sales growth across most regions and all product categories," chief Executive Alessandro Bigliolo said in a statement. The company's board has approved a share buyback program of up to $1.0 billion, he said. Looking ahead, Tiffany is expecting fiscal 2018 sales to rise in a high-single-digit percentage rate and for EPS to range from $4.50 to $4.70. The FactSet consensus is for EPS of $4.42. Shares have gained 10% in the last 12 months, while the S&P 500 has gained 14%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com


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05-23-18 0729ET

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