Tiffany & Co (TIF) lowered its fiscal-year sales and profit forecasts on Monday, citing global economic conditions and weakness in key markets for the jeweler such as Europe and New York.
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Tiffany reduced its global net sales growth forecast by 1 percentage point to range of 6 percent to 7 percent for the year ending in January. It lowered its full-year profit outlook to $3.55 to $3.70 a share from $3.70 to $3.80.
Global sales rose 1.6 percent to $886.6 million in the second quarter ended on July 31, while sales at stores open at least a year fell 1 percent, excluding the impact of currency fluctuations.
Tiffany reported net income of $91.8 million, or 72 cents per share, for the quarter, compared with $90 million, or 69 cents per share, a year earlier.