Tiffany Crushed on Earnings Miss

The retailer's full-year EPS forecast also falls short.
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(TIF) - Get Report

earnings and guidance were out of the box and the upscale retailer's shares were crushed because of it in premarket trading Thursday.

The company said second-quarter net income fell 11% to $36.6 million, or 25 cents a share, vs. $41.1 million, or 28 cents a share, a year ago. The consensus expectation was for 29 cents a share, according to Thomson First Call.

Revenue rose 8% to $476.6 million. U.S. retail sales rose 11%, led by its famous New York City store. International retail sales increased 7%, but declined in the important Japanese market.

The New York-based retailer said it expects 2004 EPS of $1.55 to $1.60, citing uneven sales in Japan, which falls short of analysts' consensus forecast of $1.63.

Shares fell $3.32, or 10.4%, to $28.48.