UPDATE: Tiffany Posts Downbeat Q1 Profit, Lowers 2012 Forecast

Tiffany & Co TIF reported a weaker-than-expected first-quarter profit and lowered its 2012 profit forecast. Tiffany's quarterly profit climbed to $81.5 million, or $0.64 per share, versus $81.1 million, or $0.63 per share, in the year-earlier period. Its sales gained 8% to $819 million. Analysts were expecting earnings of $0.69 per share on sales of $817 million. Tiffany projects 2012 earnings of $3.70 to $3.80 per share, versus its prior view of $3.95 to $4.05 per share. However, analysts were expecting 2012 earnings of $3.98 per share. Tiffany shares dipped 9.22% to $56.10 in pre-market trading.