Tiffany (NYSE:TIF) announced first-quarter results that were below Wall Street expectations. The company reported a profit of $81.5 million, or 64 cents a share, last quarter, versus a profit of $81.1 million, or 63 cents a share, in the same period last year. Analysts had expected earnings per share of 69 cents. Revenue increased by 8% to $819.2 million, below expectations of $817 million and gross margins were 57.3% versus 58.3% in the same period last year. The company also lowered its 2012 EPS to $3.70 to $3.80, well below analyst expectations of $3.97. Previously, the company forecast earnings per share of $3.95 to $4.05.
Shares are lower by nearly 8.5 percent.
Competitors Zale (ZLC) and Blue Nile (NASDAQ:NILE) also announced disappointing results this month.
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