Tiffany & Co. reported its sales results for the two months (“holiday period”) ended December 31, 2018. Worldwide net sales declined 1% to $1.04 billion and comparable sales declined 2%. However, on a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars both net sales and comparable sales were equal to the prior year.

Based on these holiday period sales results, management expects that worldwide net sales for fiscal 2018 will increase by 6%-7% over the prior year both as reported and on a constant-exchange-rate basis and net earnings per diluted share will likely be towards the lower end of its previously-disclosed range of $4.65-$4.80 per diluted share.

The Management's preliminary view for fiscal 2019 includes: worldwide net sales increasing by a low-single-digit percentage over the prior year as reported and on a constant-exchange-rate basis; net earnings per diluted share increasing by a mid-single-digit percentage (which assumes a higher effective tax rate); and an expected decline in net earnings in the first half of the year, reflecting sales pressures (from lower foreign tourist spending and the effect of a stronger U.S. dollar) as well as expenses related to the annualized effect of higher strategic investment spending that began in the second quarter of 2018, among other factors. Management will provide additional information regarding its fiscal 2019 outlook when it reports full year results in March.