Tiffany results miss estimates, cuts 2012 outlook
NEW YORK Tiffany & Co. 's (TIF) third-quarter net income fell 30 percent, 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 earnings forecast. Shares dropped $5. 58, or 8. 7 percent, to $58. 15 in premarket trading Thursday. For the period ended Oct. 31, the company known for its blue boxes earned $63. 2 million, or 49 cents per share. That's down from $89. 7 million, or 70 cents per share, a year earlier. Analysts polled by FactSet forecast earnings of 63 cents per share. Chairman and CEO Michael J. Kowalski said in a statement that Tiffany had expected its quarterly results would be affected by ongoing economic softness and tough year-ago comparisons. But he added that the retailer's gross margin rate of 54.
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earnings tax rate Wall Street holiday season sales United Arab Emirates company Gross margin net income precious metal Kowalski NEW YORK forecast results retailers ongoing FactSet stung cautious polled Asia-Pacific metric jewelry Arab diamond boxes quarterly the holiday Japan conditions Michael Europe performancePeople:
Michael J. Kowalski
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Tiffany results miss estimates, cuts 2012 outlook
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Net income fell 30 percent, stung by a higher-than-expected tax rate, ongoing economic weakness and high precious metal and diamond costs
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