Tiffany's Profits Fall 75%, Sales Drop 20%


	Tiffany's Profits Fall 75%, Sales Drop 20%

Lauren Sherman

3-23-2009 11:08 AM

391 views

tags:

tiffany, retailer

Lauren Sherman says:

Tiffany apparently beat analysts' forecasts, but that's not saying much.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/9f9edff9-f3bb-48e3-886d-d1afdf7b4957/54ECC442-1551-4D6F-AE9F-74DFD68712D8/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.blnz.com/news/2009/03/23/Tiffany_earnings_drop_more_than_0539.html" href="http://www.blnz.com/news/2009/03/23/Tiffany_earnings_drop_more_than_0539.html" style="font-size: 11px;">www.blnz.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.blnz.com/news/2009/03/23/Tiffany_earnings_drop_more_than_0539.html"><P>Jewelry retailer Tiffany & Co. said Monday that its profit tumbled more than 75 percent in the fourth quarter following a steep drop in sales over the key holiday season.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.blnz.com/news/2009/03/23/Tiffany_earnings_drop_more_than_0539.html"><P>Its adjusted results beat analysts' forecasts, but Tiffany is predicting 2009 earnings from continuing operations below Wall Street's current expectations.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.blnz.com/news/2009/03/23/Tiffany_earnings_drop_more_than_0539.html"><P>Tiffany also said roughly 600 U.S. employees accepted an early retirement package during the fourth quarter, which will help reduce its worldwide staff by 10 percent and save about $60 million before taxes this year.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.blnz.com/news/2009/03/23/Tiffany_earnings_drop_more_than_0539.html"><P>The luxury retailer said its earnings dropped to $31.1 million, or 25 cents per share, for the three months ended Jan. 31, down from $127.4 million, or 96 cents per share, a year ago.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/54ECC442-1551-4D6F-AE9F-74DFD68712D8/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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