On March 26, Tiffany
- Overall sales increased 14% on a constant currency basis, and same-store sales rose an impressive 8%.
- Inventories climbed by 15% because of new store openings, wider product assortments, higher metal costs, and expanded diamond sourcing operations.
- In fiscal 2007, the opening of 17 new Tiffany stores will increase gross square footage by 8%.
(Figures in millions, except per-share data)
Income Statement Highlights
Q4 2006 |
Q4 2005 |
Change |
|
---|---|---|---|
Sales |
$986.4 |
$858.4 |
14.9% |
Net Profit |
$140.5 |
$140.3 |
0.2% |
EPS |
$1.02 |
$0.97 |
5.2% |
Diluted Shares |
138.3 |
145.3 |
(4.8%) |
Get back to basics with the income statement.
Margin Checkup
Q4 2006 |
Q4 2005 |
Change* |
|
---|---|---|---|
Gross Margin |
57.2% |
58.8% |
(1.6) |
Operating Margin |
22.8% |
23.6% |
(0.8) |
Net Margin |
14.2% |
16.3% |
(2.1) |
Margins are the earnings engine.
Balance Sheet Highlights
Assets |
Q4 2006 |
Q4 2005 |
Change |
---|---|---|---|
Cash + ST Invest. |
$192.0 |
$393.6 |
(51.2%) |
Accounts Rec. |
$169.0 |
$142.3 |
18.7% |
Inventory |
$1,214.6 |
$1,060.2 |
14.6% |
Liabilities |
Q4 2006 |
Q4 2005 |
Change |
---|---|---|---|
Accounts Payable* |
$216.0 |
$202.6 |
6.6% |
Long-Term Debt |
$406.4 |
$426.5 |
(4.7%) |
The balance sheet reflects the company's health.
Cash Flow Highlights
The company did not include a cash flow statement in its press release. Look for it in the 10-K.
Free cash flow is a Fool's best friend.
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