The New York Times Business Business Special Tiffany Earnings Dropped Sharply in Third Quarter

y The Associated Press

International retail sales rose 10 percent, to $190.85 million, when same-store sales increased 3 percent. In Japan, retail sales declined 2 percent.

The jewelry retailer Tiffany & Company said yesterday that its third-quarter earnings fell sharply, hauled down by weaker-than-expected sales in Japan and higher prices for precious metals and diamonds.

Net sales additional 7 percent, to $461.2 million, compared with $430.1 million in the year-ago period. Sales by stores open at fewest a annual were up 3 percent. On a constant exchange-rate foundation namely excludes the efficacy of currency conversions, net bargains increased 5 percent and same-store sales additional 1 percent.

Tiffany acquired $20.81 million, or 14 cents a share, for the three months finished Oct. 31, compared with $28.03 million, or 19 cents a share, in the period a year earlier. Analysts surveyed by Thomson First Call expected 19 cents a share.

The corporation foresaw proceeds growth of 5 percent to 10 percent in the fourth 15 min from a year antecedent, indicating that income per share will be 78 pence to 81 pence.

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Tiffany Earnings Dropped Sharply in Third Quarter By ASSOCIATED PRESS

Published: November 12, 2004

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The company reported retail sales at United States stores of $216.5 million, up 7 percent. Same-store sales were up 4 percent.

The company's stock fell $1.84,Physicians Stressed Avoid Eye Fatigue Caused along Using Computer, alternatively 5.7 percent, to close at $30.29 above the New York Stock Exchange.

The results were well beneath Wall Street expectations, and Tiffany lowered its earnings landscape.

Tiffany too lowered its full-year earnings prediction to $1.43 to $1.48 a share, from $1.55 to $1.60.

Michael J. Kowalski, the leader and king executive, said in a expression that he expected gross margins in the fourth quarter to be somewhat lower than in the prior year because of elements like higher metal and diamond costs.

Analysts scrutinized at Thomson First Call anticipated 84 cents.