Shares of Tiffany & Co (TIF - Get Report) were down nearly 8% in early market trading Wednesday after the jeweler reported first quarter comparable store sales and revenue that fell below consensus expectations.
Tiffany reported first quarter revenue of $899.6 million, shy of analysts' $915.9 million expectations for the quarter. Comps fell 2% globally, also well short of consensus estimates of 1.6% comparable store sales growth.
First quarter net income of $92.9 million, or 74 cents per share, was the lone metric to top analysts' guidance of a 70 cent per share profit.
Retail's downturn giving you the blues? Jim Cramer has a list of retailers that are currently oversold, giving investors a leg up one of the market's most volatile sectors.