Market Overview

UPDATE: Tiffany Posts Downbeat Q3 Profit, Lowers Full-Year Forecast

Related TIF
Here's What TDAmeritrade's Chief Strategist Thinks About Black Friday, Star Wars, And The Online vs. Brick-And-Mortar War
China's Slowdown Is Killing Its Luxury Market
Tracking Ruane, Cunniff & Goldfarb's Portfolio - Q3 2015 Update (Seeking Alpha)

Tiffany & Co (NYSE: TIF) reported a 30% drop in its fiscal third-quarter earnings and lowered its full-year forecast.

Tiffany now projects earnings of $3.20 to $3.40 per share on net sales growth of 5% to 6%. The company had earlier expected earnings of $3.55 to $3.70 per share on sales growth of 6% to 7%.

Tiffany's quarterly profit fell to $63.2 million, or $0.49 per share, from $89.7 million, or $0.70 per share, in the year-ago period.

Its sales gained 3.8% to $853 million. However, analysts were expecting earnings of $0.63 per share on revenue of $859 million.

Its gross margin declined to 54.4% from 57.9%.

Tiffany shares dropped 8.36% to $58.40 in pre-market trading.

Posted-In: profitEarnings News Guidance


Related Articles (TIF)

Get Benzinga's Newsletters