Tiffany & Co. 3Q profit dips; domestic sales fall

[November 25, 2009]  NEW YORK (AP) -- Tiffany & Co. says its third-quarter profit dipped partly on weaker domestic sales as shoppers continued to curb their discretionary spending.

Still, the luxury-goods seller known for its signature blue box lifted its full-year earnings and sales outlooks as it continued to tighten inventory and cut costs. It says U.S. sales declines are slowing and overseas sales are coming in better than expected.

Tiffany earned $43.3 million, or 35 cents per share, for the period ended Oct. 31, down 1 percent.

Sales dropped 3 percent to $598.2 million.

The results handily beat Wall Street predictions for profit of 24 cents per share on sales of $575.1 million.

[Associated Press]

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