Under Sales Pressure, Tiffany Lowers Forecast
While overall sales gained 2% in Tiffany’s second quarter to $887 million, same-store results declined 1%, and the jewelry retailer says it is lowering its annual earnings forecast as a result. “Sales growth has been affected by economic weakness in a number of markets,” CEO Michael J. Kowalski says in its release. Net earnings also rose 2%, to $92 million compared with $90 million in the same period a year ago. Sales at its New York flagship fell 9%.