Tiffany Drops Hard on Profit Warning

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Shoppers in the U.S. and Europe spent less at Tiffany (TIF) this holiday season than in years past, causing sales growth to falter in the past couple of months. Tiffany, whose fourth quarter ends Jan. 31, reduced its full-year earnings guidance to a range of $3.60-$3.65 per share from its previous guidance of $3.70-$3.80. Sales rose 4% in the Americas region and sales in Europe rose 1%. Lower Wall Street bonuses may have hurt the company: At Tiffany’s New York flagship store, sales fell 1%.

Worldwide sales rose 7% in November and December, the company said.

Shares fell 11% in morning trading.



Original Article Source by Barrons.com