Tiffany 2Q profit falls, but tops view

[August 28, 2009]  NEW YORK (AP) -- Tiffany & Co. says its second-quarter profit fell 30 percent as sales slipped, but the results beat analysts' estimates. The luxury retailer is also raising its full-year profit guidance.

Tiffany & Co. said Friday it earned $56.8 million, or 46 cents per share, for the period ended July 31. That's down from $80.8 million, or 63 cents per share, a year ago.

It says the results included 7 cents per share related to loan recovery and tax reserve adjustments. Analysts forecast profit of 33 cents per share and typically exclude one-time items.

The New York-based company says sales dropped 16 percent to $612.5 million but still topped Wall Street's estimate of $602.1 million.

Tiffany says it expects a 2009 profit of $1.65 to $1.75 per share.

[Associated Press]

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