Tiffany (NYSE:TIF) announced that net income in the third quarter dropped by 30 percent due to higher tax rates, economic weakness, and increased costs. The company earned $63.2 million, or 49 cents per share, down from $89.7 million or 70 cents per share, in the same period last year. Revenue increased by four percent to $852.7 million from *821.8 million. Analysts had expected earnings of 64 cents per share on revenue of $858.8 million.
Shares are lower in early trading.
On November 21, jewelery rival Zale (NYSE:ZLC) announced that it lost $28 million in the first quarter, while revenue grew by 1.8 percent to $357 million versus $351 million during the same period in 2012. 
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