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've 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