Tiffany's 1st-quarter profit tumbles 62 percent

[May 29, 2009]  NEW YORK (AP) -- Jewelry retailer Tiffany says its first-quarter profit plunged 62 percent on a steeper-than-expected drop in sales as consumers continued to pull back on spending.

Still, the earnings matched Wall Street's expectations.

The New York-based company says it earned $24.3 million, or 20 cents per share, for the three months ended April 30. That's down from $64.4 million, or 50 cents per share, a year ago.

Analysts had expected earnings of 20 cents a share.

Tiffany & Co. says sales fell 22 percent to $523.1 million, which was below analysts' expectation for sales of $533 million.

The retailer reaffirms its guidance for full-year earnings from continuing operations of $1.50 to $1.60 per share. Analysts expect $1.56 per share.

[Associated Press]

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