Tiffany & Co.’s third-quarter net income fell, stung by a higher-than-expected tax rate, ongoing economic weakness, and high precious metal and diamond costs. The jewelry company’s results missed Wall Street’s expectations and it cut its full-year forecast. It posted earnings of $63.2 million, or 49 cents per share, compared with $89.7 million, or 70 cents, a year ago. Analysts forecast earnings of 63 cents per share. Sales rose 6 percent in Europe and 3 percent in the Americas region. Tiffany now expects 2012 earnings of $3.20 to $3.40 per share, down from a range of $3.55 to $3.70.
Tiffany cuts full-year earnings forecast
| Associated Press December 02, 2012
Read it all, now.
Don't miss any of your favorite stories again. Read the stories that matter to you as much as you want, whenever you want when you subscribe to BostonGlobe.com.
Get full access today for just 99¢