Tiffany 4Q Profit Down 75%

Tiffany & Co. (TIF) announced that its profit fell more than 75 percent in the fourth quarter following a steep drop in sales over the key holiday season. The adjusted results beat analysts' forecasts, but Tiffany is predicting 2009 earnings from continuing operations below current expectations.

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. Excluding costs related to job cuts and other one-time items, the retailer said quarterly earnings totaled 85 cents. Sales dropped 20 percent to $841.2 million from $1.05 billion in the fourth quarter of fiscal 2007.

Analysts expected earnings of 80 cents per share on revenue of $838 million.

by Mark Anderson | 03/23/09 | Stocks: TIF,

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Tiffany 4Q Profit Down 75%

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