Tiffany & Co., the world’s second-largest luxury jewelry retailer, reported third-quarter profit that dropped more than analysts estimated as sales fell short and it reduced its annual forecast for the third time this year.
Net income in the three months ended Oct. 31 dropped 30 percent to $63.2 million, or 49 cents a share, from $89.7 million, or 70 cents, a year earlier, the New York-based company said in a statement Thursday. Analysts projected 63 cents, the average of 20 estimates compiled by Bloomberg.
Revenue rose to $852.7 million, trailing the $858.4 million average of analysts’ estimates. Tiffany said in August that “lingering economic uncertainties” would moderate sales growth in the Americas and Asia Pacific after “unusually strong” growth last year.
Tiffany shares slid in New York trading, ending down 6.2 percent, at $59.80.
Profit in the year ending Jan. 31 will be $3.20 to $3.40 a share, down from a previous projection of $3.55 to $3.70. Analysts projected $3.60, the average of 23 estimates compiled by Bloomberg.
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