Tiffany & Co. reported sales results for the two months ended December 31, 2017. For the two months, the company's worldwide net sales increased 8% to $1.05 billion, due to growth across regions and product categories, and comparable store sales rose 5%.

For the fiscal year 2017, the company's outlook now calls for: worldwide net sales increasing over the prior year by approximately 4% as reported and on a constant-exchange-rate basis and net earnings per diluted share increasing by a double-digit percentage over 2016's net earnings per diluted share of $3.55 and by at least a high-single-digit percentage over 2016's net earnings per diluted share excluding charges of $3.75. Management's sales and earnings expectations, referenced above, are approximations and are based on the company's plans and assumptions for the full year, including: Worldwide gross retail square footage increasing 2%, net through nine store openings, seven relocations and seven closings; Operating margin above the prior year as reported and also when excluding prior year charges; an effective income tax rate of approximately 33%, which does not incorporate the above-mentioned tax code-related effects; and minimal benefit to net earnings per diluted share from share repurchases. Management also expects for fiscal 2017: Net cash provided by operating activities of at least $735 million and free cash flow of more than $500 million. These expectations are approximations and are based on the company's plans and assumptions, including: Net inventories increasing at approximately the same rate as sales growth, Capital expenditures of $235 million and Net earnings in line with management's expectations.

For the fiscal year 2018, Management's preliminary view calls for a mid-single-digit percentage increase in worldwide sales. Management also anticipates increased levels of spending in a number of areas, including technology, marketing communications, visual merchandising, digital, and store presentations, which it believes are necessary to achieve its longer term sales, margin and earnings growth objectives. As a result, management expects net earnings per diluted share to be flat to slightly down from the forecasted 2017 net earnings per diluted share noted in clause of the first paragraph set out in fiscal 2017 outlook (which, for both years, does not include any effect from the recent tax code revisions). However, net earnings per diluted share in fiscal 2018 is expected to benefit, in an amount yet to be determined, from an expected lower effective income tax rate resulting from the recent revisions to the U.S. tax code. Management will provide additional information regarding its Fiscal 2018 outlook when it reports full year results in March.