Diamonds and Dogs
The blue boxes are shining brightly. While other retailers struggle, Tiffany's (TIF) is performing well up 6% to a six month high. The company beat estimates by 12 cents on in line revenue while reaffirming full year guidance. Better than expected margins offset a miss on comps. Last quarter, analyst were initially concerned that guidance seemed aggressive, but now looks more attainable. Good news for Tiffany's and the high end of luxury retail.
Tiffany's gain is Signet Jewelers pain. Signet Jewelers (SIG) is down 13% after missing earnings by 32 cents, missed on revenue, then guided Q3 earnings below consensus and full year guidance. Same store sales were down 2.3% vs. guidance between +1-2%. Maybe they should change the color of their bags or boxes to blue.
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