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Tiffany hit less than expected
Source: Agencies |
March 24, 2009, Tuesday
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TIFFANY & Co posted a higher-than-expected quarterly profit yesterday but was stung in the period by lower sales and said it has not seen any signs of a turnaround.
Tiffany's net profit fell to US$31.1 million, or 25 cents per share, in the quarter that ended January 31, compared with US$127.4 million, or 96 cents per share, a year earlier.
Excluding one-time items, Tiffany earned 85 cents a share, topping the average estimate of 78 cents by analysts in a survey conducted by Reuters.
Sales fell 20 percent to US$841.2 million, with the decline in the Americas hurting it the most, Tiffany said.
Many luxury retailers such as Tiffany have seen sales suffer as even affluent shoppers have cut down on spending amid the global economic downturn.
For the current fiscal year, the New York-based retailer said it is assuming a sales decline of about 11 percent. It also expects full-year earnings of between US$1.50 a share and US$1.60 a share from continuing operations.
Tiffany's net profit fell to US$31.1 million, or 25 cents per share, in the quarter that ended January 31, compared with US$127.4 million, or 96 cents per share, a year earlier.
Excluding one-time items, Tiffany earned 85 cents a share, topping the average estimate of 78 cents by analysts in a survey conducted by Reuters.
Sales fell 20 percent to US$841.2 million, with the decline in the Americas hurting it the most, Tiffany said.
Many luxury retailers such as Tiffany have seen sales suffer as even affluent shoppers have cut down on spending amid the global economic downturn.
For the current fiscal year, the New York-based retailer said it is assuming a sales decline of about 11 percent. It also expects full-year earnings of between US$1.50 a share and US$1.60 a share from continuing operations.
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