Read as much as you want on BostonGlobe.com, anywhere and anytime, for just 99¢.

Tiffany cuts full-year earnings forecast

Tiffany had 272 stores at the end of the latest quarter.

Associated Press

Tiffany had 272 stores at the end of the latest quarter.

Continue reading below

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.

Loading comments...

You have reached the limit of 5 free articles in 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 25¢ a week