Tiffany Again Cuts Outlook |
| Wall Street Journal - Nov 30, 2012 |
Tiffany TIF -1.91%& Co.'s profit slid 30% as the high-end jewelry retailer continued to record weaker demand, weighed down by high precious-metal and diamond costs.
The New York-based company's shares fell 6.2% on Thursday after its fiscal third-quarter results markedly missed Wall Street expectations, while Tiffany also again cut its full-year estimate.
The jeweler now expects per-share earnings between $3.20 and $3.40 on net sales growth of 5% to 6%, down from its prior view of $3.55 to $3.70 on 6% to 7% growth.
The results partly reflected weak consumer demand, said Mark Aaron, Tiffany's investor-relations chief. Sales of silver jewelry continued to be the weakest category, while merchandise priced above $500 saw, in most cases, growth in sales and units, he said.
"While the near-term economic outlook remains uncertain, we do think we are well positioned for the holiday season and we are moving forward with exciting store, product and marketing plans," Chief Financial Officer Patrick McGuiness said.
Read Full Article from Wall Street Journal
- Posted: 2012-11-30 15:45:16
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