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NEW YORK, United States — Tiffany & Co. posted third-quarter profit that trailed analysts' estimates and cut its forecast for earnings this year as the strong dollar weighs on revenue.
Profit was 70 cents a share, excluding some items, the New York-based company said in a statement Tuesday. Analysts estimated 75 cents, on average. Earnings per share will fall 5 percent to 10 percent this year, more than an earlier forecast for a drop of as much as 5 percent, the company said.
The results show Tiffany is struggling to combat the strong dollar, which is reducing the value of revenue generated abroad and curtailing spending from tourists visiting the U.S. Tiffany has tried to boost sales by adding new products, including watches and an expanded fashion jewelry selection.
The shares fell 5.9 percent to $72 at 6:51 a.m. in early trading in New York. Tiffany already had slid 28 percent this year through Monday.
By Christie Boyden; editors: Nick Turner, Kevin Orland, Phil Serafino.
