Tiffany & Co. declined the most in four months after cutting its full-year profit and sales forecasts due to lower than expected results within the US market. The jewellery firm fell 8% to $56.86 in New York, after dropping 9.6 percent for the biggest intraday decline since January.
Tiffany stated that its worldwide net sales soared by 8 per cent to $819 million, while comparable sales increased by 4 per cent. The net earnings with an increase of 1 per cent went to $0.64 per diluted share or $82 million, compared to $0.63 per diluted share or $81 million in 2011.
Meanwhile, king of online fashion ASOS, not only saw its profits nearly doubled, but its shares closed up 119p to £16.41 on Thursday night. The company reported a jump in profits from £15.7m to £30.3m, and a 46pc increase in sales to £495m. Analysts at Euromonitor predict that the online global fashion market will be worth £76bn a year by 2015 and Robertson pointed out that if Asos hit its £1bn target it would have just 1.3pc of that market.
Seven senior staff had to invest £200,000 between them to take part in the incentive scheme, which totals £66m. When the three-year targets were set, Asos’ market capitalisation was £219m. It is now £1.17bn and worth more than either WH Smith or Debenhams, stresses ‘The Telegraph’.
Nick Robertson, the co-founder and chief executive of Asos, said: “The scheme was set up three years ago and approved by shareholders. It set very stretching targets and I don’t think anyone, when we put in our money, thought we’d hit 100pc of our targets.”
Finally, Board of Directors of The Cato Corporation approved a 9% increase in the company's dividend to an annualized rate of $1.00 per Class A Common and Class B Common share. The dividend is payable quarterly at the rate of $.25 per share with the first payable date of June 25, 2012 to shareholders of record on June 11, 2012. At the closing market price on May 23, 2012, the dividend represents an annualized yield of 3.5%.