Tiffany Trims Full-Year View on Weak Holiday Sales |
| Wall Street Journal - Jan 10, 2012 |
Tiffany & Co. cut its full-year earnings forecast after a holiday season damped by cautious spending the U.S. and Europe, adding to worries that economic uncertainties in the regions have eroded demand from luxury shoppers.
"After achieving very strong and better-than-expected sales and earnings growth in the first three quarters of 2011, sales weakened markedly in the United States and Europe during the holiday season, reflecting restrained spending by consumers for fine jewelry," Tiffany Chief Executive Michael J. Kowalski said Tuesday.
The New York-based jewelry company's shares fell sharply Tuesday, down 11% in midday trading, to $59.34, as the lower projection reversed a boosted forecast offered by Tiffany less than two months ago.
Tiffany's announcement adds to the gloom coming out of some retailers. Negative earnings announcements are running at more than double the pace they did in last year's fourth quarter, according to Thomson Reuters. Out of the 117 retailers that have provided guidance, 76 now expect to miss those projections, only 33 expect to exceed them and the rest are in-line with their outlooks.
Read Full Article from Wall Street Journal
- Posted: 2012-01-10 13:00:38
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