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.