Tiffany Sees Profit at Low End of Target

Luxury jeweler Tiffany & Co. warned that its second-quarter profit would fall to the low end of its previously expected range, sapped by lackluster sales at stores open at least a year and steeper declines in its key Japan market.

The New York-based retailer said it expected earnings to hit the low end of its targeted range of 22 cents to 24 cents in the quarter ending July 31, compared with 24 cents a year earlier. It said quarterly sales would increase slightly over the $371 million last year.

Analysts on average expected earnings of 24 cents.

Tiffany shares fell $3.09 to $30.49 on the NYSE.