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Tiffany and Co. reported 4th quarter and full year 2018 results this morning. GAAP earnings per share came in at $1.67, which exceeded analyst estimates by $0.07. Revenue was $1.32B (-0.8% Y/Y), which missed estimates by $10M.

Shares are trading down around 5% in pre-market trading.

Here is the press release:

Alessandro Bogliolo, Chief Executive Officer, said, “Our team is proud of its accomplishments in 2018 that contributed to net sales surpassing levels not seen since 2014. Softer trends in the second half of the year reflected, in part, what we believe were external challenges and uncertainties.”

He added, “Most important, we are still in the early stages of a journey to achieve long-term sales, margin and earnings growth for this legendary brand, and are making progress across our six key strategic priorities: Amplifying an evolved brand message; Renewing our product offerings and enhancing in-store presentations; Delivering an exciting omnichannel customer experience; Strengthening our competitive position and leading in key markets; Cultivating a more efficient operating model; and Inspiring an aligned and agile organization to win. I continue to strongly believe that Tiffany has vast global growth opportunities and we look forward to realizing our full potential in the future.”

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