Tiffany & Co.’s quarterly net income fell 30 percent to $63.2 million, or 49 cents per share, as the jeweler was stung by a higher-than-expected tax rate, ongoing economic weakness, and high prices for precious metals and diamonds. Tiffany also cut its full-year earnings forecast. It now expects 2012 earnings of $3.20 to $3.40 per share. Its prior outlook was for $3.55 to $3.70. Tiffany expects better results during the holidays in part because of new stores and new products.
Tiffany’s quarterly profit falls 30 percent
You have reached the limit of 10 free articles a month
Stay informed with unlimited access to Boston’s trusted news source.
- High-quality journalism from the region’s largest newsroom
- Convenient access across all of your devices
- Today’s Headlines daily newsletter
- Subscriber-only access to exclusive offers, events, contests, eBooks, and more
- Less than $1 a week