Tiffany 3Q results miss Street, cuts 2012 outlook

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Associated Press

Posted on November 29, 2012 at 6:00 AM

Updated Thursday, Nov 29 at 6:02 AM

NEW YORK (AP) — Tiffany & Co.'s third-quarter net income fell 30 percent, stung by a higher-than-expected tax rate, ongoing economic weakness and high precious metal and diamond costs.

The jewelry company's results missed Wall Street's expectations and it cut its full-year earnings forecast.

Shares dropped $7.73, or 12.1 percent, to $56 in premarket trading Thursday.

For the period ended Oct. 31, the company known for its blue boxes earned $63.2 million, or 49 cents per share. That's down from $89.7 million, or 70 cents per share, a year earlier.

Analysts forecast 63 cents per share.

Revenue increased 4 percent to $852.7 million. Wall Street expected $858.8 million.

Tiffany now expects 2012 earnings of $3.20 to $3.40 per share. Its prior outlook was for $3.55 to $3.70 per share.

Analysts predict $3.59 per share.

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