Tiffany posts 2Q profit, results miss Wall Street forecasts

MarketsAssociated Press

Tiffany & Co. (TIF) on Thursday reported fiscal second-quarter profit of $104.9 million.

On a per-share basis, the New York-based company said it had net income of 81 cents. Earnings, adjusted for asset impairment costs, were 86 cents per share.

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The results did not meet Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The luxury jeweler posted revenue of $990.5 million in the period, also missing Street forecasts. Eight analysts surveyed by Zacks expected $1.01 billion.

Tiffany shares have declined 20 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen nearly 6 percent. The stock has dropped 16 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TIF at http://www.zacks.com/ap/TIF

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Keywords: Tiffany, Earnings Report