Consumer Goods
Tiffany Offers Weak Earnings Forecast
Stock quotes in this article:TIF
NEW YORK -- Luxury goods retailer Tiffany(TIF) reported better-than-expected third-quarter earnings but warns full-year earnings will miss Wall Street's forecast as it plans to cut jobs amid a pullback in consumer spending.
New York-based Tiffany said it earned $43.8 million, or 35 cents a share, less than half its year-ago profit of $101.5 million, or 73 cents a share. Last year's results included a hefty gain on the sale-leaseback of its Tokyo flagship store. Sales slipped 1% to $618.2 million as weak U.S. markets offset increased sales abroad. U.S. same-store sales fell 14%. Analysts surveyed by Thomson Reuters had forecast profit of 25 cents a share on sales of $643.8 million. Tiffany forecasts full-year earnings of $2.30 to $2.50 a share, with sales expected to be flat to down 2%. That's well below analysts' $2.58-per-share outlook. The company will reduce staffing and trim capital spending, expecting weak consumer demand to continue in the fourth quarter.TheStreet Premium Services
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