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05/27/15 04:14:57 PM
MARKET MOVERS

Movers: Tiffany & Co., Michael Kors Holdings Limited, Michael Kors Holdings Limited

Tiffany & Co.(TIF) : American luxury jewelry retailer Tiffany & Co. said Thursday that its sales in Japan in the February to April quarter plummeted 30 percent from a year earlier to $122 million driven by the weak yen and lowered consumer spending. In addition to the yen weakening 12 percent since last year, sales in Japan, which surpass those of Europe, dropped sharply from a year earlier when customers rushed to stores prior to the tax hike in 2014, exacerbating the decline and leading to a "difficult year-over-year comparison," the company said. "In last year's first quarter, we achieved 30 percent (comparable) store sales growth in yen when customer demand surged in anticipation of a consumption tax increase on April 1," Tiffany Chief Financial Officer Ralph Nicoletti said on an investor conference call, noting that same-store sales were down 24 percent in yen in this year's quarter. "We definitely look forward to some stabilization going forward," he added. Although the weak yen has dampened some consumer sentiment, Tiffany remained positive that an influx in foreign tourist spending in Japan could help the market -- the third largest for Tiffany after the Americas and the Asia-Pacific region excluding Japan. "We believe such a substantial weakening of the yen has affected spending by Japanese tourists when they travel, but might be supporting some local spending in Japan," Nicoletti said. "In addition, we are benefiting in Japan from increasing spending by foreign tourists, especially from China." Although sales in the Asia-Pacific region decreased one percent to $259 million, the company said there was "strong sales growth" in its stores in mainland China. But sales declined in Hong Kong and Macau. "We believe some Chinese tourists have been traveling to and shopping in other regions," Nicoletti said about the "softness" in Hong Kong and Macau. Worldwide, Tiffany's net sales decreased five percent to $962 million in the quarter. The company said if net sales were measured in local currencies, all regions would have grown one percent except Japan. "We started the year facing well-known challenges from both global economic uncertainties and the effect of a strong U.S. dollar on the translation of foreign-denominated sales into dollars and on foreign tourist spending in the U.S., as well as a difficult sales comparison in Japan," Tiffany CEO Frederic Cumenal said in a press release. ==Kyodo



Michael Kors Holdings Limited(KORS) : Bank of America downgrades Michael Kors Holdings (NYSE: KORS) to Neutral and announces $60.00 PT, according to Bloomberg. View More Analyst Ratings for KORSView the Latest Analyst Ratings Write to editorial@benzinga.com with any questions about this content. Subscribe to Benzinga PRO: http://pro.benzinga.com 2015 Benzinga Newswires. Benzinga does not provide investment advice. All rights reserved.



Michael Kors Holdings Limited(KORS) : US stocks have opened higher, recovering some of the previous day's losses as good earnings from Tiffany offset a disappointing report from Michael Kors. Five minutes into trade on Wednesday, the Dow Jones Industrial Average was up 32.06 points, or 0.18 per cent. The broad-based S&P 500 added 2.87 or 0.14 per cent. Jewellery company Tiffany vaulted 10.3 per cent higher as first-quarter earnings translated to 81 US cents per share, much higher than the 70 cents projected by analysts. AAP RTV



Michael Kors Holdings Limited(KORS) : New York, May 27, 2015 (AFP) - US stocks rose solidly early Wednesday, recovering some of the prior day's losses as good earnings from Tiffany offset a disappointing report from Michael Kors. About 30 minutes into trade, the Dow Jones Industrial Average was at 18,140.50, up 98.96 points (0.55 percent). The broad-based S&P 500 added 10.87 (0.52 percent) at 2,115.07, while the tech-rich Nasdaq Composite Index advanced 31.07 (0.62 percent) to 5,063.82. Jewelry retailer Tiffany vaulted 11.2 percent higher as first-quarter earnings translated to 81 cents per share, much higher than the 70 cents projected by analysts. But women's apparel and accessory seller Michael Kors slumped 19.4 percent after projecting full-year sales of just $4.7-$4.8 billion, below the $5.05 billion analyst estimate. US stocks fell more than one percent on Tuesday on a strengthening dollar. Tobacco giant Reynolds American jumped 2.1 percent as it received approval from antitrust regulators at the US Federal Trade Commission to acquire Lorillard. Lorillard rose 1.0 percent. Packaged meat company Hormel Foods rose 2.8 percent after announcing it will acquire privately held organic prepared meat company Applegate Farms for $775 million. Workday, which provides cloud computing services in finance and human resources, fell 9.5 percent as it reported a $61.6 million loss for the quarter ending April 30. Jefferies said the results showed slowing growth, with billings increasing 31 percent compared with 69 percent last year. Bond prices dipped. The yield on the 10-year US Treasury rose to 2.15 percent from 2.14 percent Tuesday, while the 30-year advanced to 2.90 percent from 2.89 percent. Bond prices and yields move inversely. jmb/vs



Michael Kors Holdings Limited(KORS) : JP Morgan downgrades Michael Kors Holdings (NYSE: KORS) from Overweight to Neutral, according to Bloomberg. View More Analyst Ratings for KORSView the Latest Analyst Ratings Write to editorial@benzinga.com with any questions about this content. Subscribe to Benzinga PRO: http://pro.benzinga.com 2015 Benzinga Newswires. Benzinga does not provide investment advice. All rights reserved.



 

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