Tiffany Beats, But Shares Drop

Despite a sharp drop in year-over-year profit, Tiffany & Co. (TIF) reported earnings per share of 20 cents, which narrowly topped the average forecast by a penny.

The jewelry retailer’s revenue dropped 22% to $523.1 million as customers continued to postpone big-ticket purchases.

Tiffany continues to expect full-year earnings from continuing operations between $1.50 and $1.60 per share.

The guidance is in-line with the consensus estimate of $1.58, which has moved up a penny over the past month as 2 of 11 covering analysts raised expectations.

TIF, a Zacks #3 Rank (”Hold”) stock, has slipped almost 3% on higher-than-usual volume of approximately 3 million, compared to average daily volume of about 2.3 million.

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