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High-end jewelry retailer, Tiffany & Co. (NYSE:TIF) reported weaker-than-expected fiscal second-quarter results on Monday, with both earnings and revenue falling short of Street’s expectations as cost conscious consumers in the wake economic uncertainty spent thriftily on luxury shopping.
The company has also cut its fiscal 2012 earnings outlook.
For the quarter ended July 31, the company’s earnings stood at $91.8 million, or 72 cents a share, compared to $90 million, or 69 cents a share, in the year earlier quarter.
The consensus forecast for second-quarter earnings was at 74 cents per share.
Revenue for the quarter rose 2% to $886.6 million from $872.7 million even as Wall Street analysts’ forecasted for $891.1 million.
According to the Company’s Chief Executive and Chairman, Michael J. Kowalski, TIF’s sales were hurt by weakness in demand arising out of tough economic environment while it continued to incur high product related costs; however, the CEO said that those costs have now started to dip.
In terms of sales across different geographical regions, the Americas and European region saw sales growth of 1%, in Japan sales climbed by 11% while in Asia Pacific sales rose by 1%.
