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Tiffany (TIF : NYSE : US$67.96
Shares of Tiffany & Co. have fallen roughly 20% since last summer, in contrast to most luxury retailers due to macro concerns, reduced guidance and disappointing holiday sales.
A Barron’s article published over the weekend says the company “still has plenty of polish.” The article notes that the company’s recent stumbles are the result of a bad bonus season on Wall Street and aggressive promotions by other jewellery chains as opposed to a fundamental issue. If the U.S. economy improves and Tiffany continues its store expansion,
Barron’s believes shares could regain their lustre. It opened 18 new stores from October 2010 to October 2011 and has plans to increase its European presence by 56% over the next five years.
Domestically, management hopes to see its store count rise to 150 stores from its current level of 87.An analyst interviewed for the article said, “If you look around the world, the environment is getting better for Tiffany.
Compared with six months ago, the world’s economies, by almost every measure, have gotten stronger and that bodes well for consumer spending.” He goes on to point to a strong correlation between the performance of the S&P 500 and Tiffany shares, which he expects to continue in 2012.
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