Tiffany & Co. 2Q Profit Falls

Considering the disastrous impact that the recession has had on many families along with a general slowdown in consumer spending across the board, it is hardly difficult to guess that the luxuries market has seen better days, but there may still be some hope. Legendary luxury retailer Tiffany & Company has posted a profit decline in the second quarter, but the company managed to beat analyst expectations.
 
New-York based Tiffany posted profits of $56.8 million this quarter, marking a 30 percent decline in profits from the same time last year when the company posted net earnings of $80.8 million. Sales have fallen from $729.6 million last year to $612.5 million this year, a total decline of 16 percent throughout the year.
 
However, Tiffany managed to beat analyst expectations significantly, brining in profits of 39 cents a share when analysts predicted profits of 33 cents per share.  The company also raised its full-year earnings forecast, stating that same-store sales in many stores have either declined at a slower rate or have actually grown modestly.

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