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

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.