On August 14th 2019, we published a note on Tiffany with Sales Signals showing a very sharp decline over the July quarter period. We noted: “Management was cautious on the April quarter earnings call, but consensus still has SSS improving in coming quarters. Positive comps of 3.8% in the October quarter look particularly optimistic.”
On August 28th, Tiffany reported with same store sales of -3% compared to consensus of -1.6%. The company also lowered full year comps to flat from up single digits.