Tiffany Profit And Sales Fall As Strong Dollar Weighs

Upscale jeweler Tiffany & Co. said Tuesday it had net income of $91 million, or 70 cents a share, in the third quarter, compared with $38 million, or 29 cents a share, in the year-earlier period. Sales fell 2% to $938.2 million from $959.6 million. The FactSet consensus was for EPS of 75 cents and sales of $971 million. "The strong U.S. dollar continued to put pressure on our financial results, specifically from the translation of non-U.S. sales into dollars and on foreign tourist spending in the U.S.," Chief Executive Frederic Cumenal said in a statement. "In addition, we believe that volatile, uncertain economic and market conditions in the U.S. and other regions are affecting consumer spending, causing us to maintain a cautious near-term outlook." The company is now expecting full-year net earnings to be 5% to 10% below last year's $4.20 per share. The FactSet consensus is for full-year EPS of $4.02. Shares fell 6% in premarket trade and are down 26% in the year so far, while the S&P 500 has gained 1.3%.