Friday’s Headlines: Jack Daniel’s Parent Company Experiences Stock Drop
1. Tiffany & Co. shares were down slightly on Thursday after the luxury jeweler reported earnings and revenue that fell short of analyst expectations. In the third quarter ended in October, Tiffany’s said net income decreased by 17% to $78 million, or 65 cents per share, from $95 million, or 77 cents per share, a year earlier. Analysts were expecting Tiffany’s to earn 85 cents per share in the quarter. The earnings report came a week after French luxury giant LVMH reached a deal to acquire Tiffany for $16.2 billion, or $135 a share, in cash. Click here for the full report.
2. Duluth Holdings was one of earnings seasons' biggest winners on Thursday when its stock soared 39% following a report which smashed expectations. The 12.2% sales growth during the quarter was driven by a 2.9% growth in direct net sales and 24.1% growth in retail net sales, with increases in both the men's and women’s businesses. Looking ahead, the retailer sees full-year revenue of $610 million to $620 million versus $615 million consensus and earnings per share of $0.60 to $0.66 vs. $0.61 consensus. Get the complete report here.
3. Shares of Jack Daniel's parent Brown-Forman Corp. fell more than 6% on Thursday evening after earnings beat expectations but profit outlook was trimmed. The company said net income for the quarter to October 31 rose to $282 million, or 59 cents a share, from $249 million, or 52 cents a share, in the year-ago period. For fiscal 2020, the company lowered its guidance range for income growth to between 2% and 4% from 3% to 5%, citing "uncertainty in the current economic and geopolitical environment in certain emerging markets" and higher input costs. Check out the full earnings report here.