Pursuits
Tiffany Cuts Full-Year Profit Forecast, Earnings Missed
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Tiffany & Co., the world’s second-largest luxury jewelry retailer, cut its annual profit forecast for the third time this year after higher diamond costs ate into margins and customers curbed spending in weak economies.
Profit in the year ending Jan. 31 will be $3.20 to $3.40 a share, down from a previous projection of $3.55 to $3.70, the New York-based company said in a statement today. Analysts projected $3.60, the average of 23 estimates compiled by Bloomberg. Tiffany fell the most in six months.