Tiffany lowers full-year sales, profit forecast
Nov 29 (Reuters) - Tiffany & Co lowered its fiscal-year sales and profit on Thursday as it reported lower-than-expected quarterly sales, blaming global economic conditions and poor sales of silver jewelry.
Tiffany now expects global net sales growth of between 5 percent and 6 percent, down one percentage point from its most recent forecast for the year ending in January.
It looks for a full-year profit of $3.20 to $3.40 per share, down from an earlier range of $3.55 to $3.70.
Global sales rose 3.8 percent to $852.7 million in the third quarter ended Oct. 31, while sales at stores open at least a year rose 1 percent. Analysts expected sales of $859.2 million, according to Thomson Reuters I/B/E/S.
Tiffany reported net income of $63.2 million, or 49 cents per share, for the quarter, compared with $89.7 million, or 70 cents per share, a year earlier.