Tiffany & Co. Cuts Sales, Profit Forecasts

Tiffany & Co (NYSE: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.

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.