EARNINGS : Tiffany Reports 27% Profit Rise
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NEW YORK — Tiffany & Co., the tony jewelry retailer, said today its second-quarter earnings rose 27% to $7.1 million, or 45 cents a share, compared with $5.6 million, or 36 cents a share, in the same period a year ago.
Sales for the period ended July 31 were up 25% to $107.3 million from $85.8 million.
Domestic sales were up just 1%, and Tiffany Chairman William R. Chaney called that “below our expectations.” He blamed current consumer caution that has resulted from regional economic slowdowns.
For the first six months, Tiffany’s earnings amounted to $12.5 million, or 80 cents a share, up 28% from $9.8 million, or 63 cents a share, a year earlier.
First-half sales amounted to $200.5 million, up 26% from $159.2 million.
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