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Meanwhile, management remains focused on keeping the brand strong and being positioned to take advantage when the economy shows real growth. Tiffany continues to be a relentless cost cutter. Operating expenses were slashed 15 percent from the year-earlier quarter, although the cuts did not fully offset the sales decline.
While competitors such as Zales are closing many locations, Tiffany is managing to grow, having increased its store count by 8 percent in the past year and expecting 6 percent growth in the coming year. The total store count was recently at 211.
Tiffany's recent price-to-earnings (P/E) ratio suggests no screaming bargain, as it's considerably higher than alternatives such as Coach and Aeropostale. (Coach is a Motley Fool Stock Adviser recommendation.)
Wait
for a pullback closer to $30.
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