Tiffany Authorizes More Share Buybacks
January 21 2016 - 6:50PM
Dow Jones News
Tiffany & Co. said Thursday that it has approved a new
stock-buyback program of up to $500 million through Jan. 31,
2019.
The repurchase authorization replaces an existing program that
had about $61 million available for repurchases as of
Wednesday.
The company's market capitalization is about $7.8 billion.
On Tuesday, the luxury retailer said "challenging and uncertain
global economic conditions" have resulted in restrained consumer
spending, and a stronger U.S. dollar continues to dent foreign
tourist spending. For the crucial holiday shopping season, Tiffany
reported a 3% currency-adjusted drop in world-wide sales and a 5%
decline in sales at stores open at least a year.
Tiffany is one of many retailers that posted disappointing
holiday sales. Earlier this month, Macy's Inc. said it would cut
thousands of jobs and reported that sales at existing stores in
November and December fell 4.7%.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
January 21, 2016 18:35 ET (23:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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