New York As shoppers continue to shy away from jewelry purchases, Tiffany & Co. reported a lower quarterly profit than it predicted, but it didn’t waver on its full-year forecast.
The upscale jeweler’s profit tumbled to $24.3 million for the quarter ended April 30, from $64.4 million for the same period a year ago. Sales dropped 22% to $523.1 million, and same-store sales declined 21%. While the jewelry segment continues to get slammed by the recession, the high-end retailer remains hopeful as “we see a lessening in the rate of year-over-year total sales declines,” said Michael Kowalski, Tiffany’s chairman and CEO. Staying positive, the chain is upholding its former full-year expectations, which includes an approximately 11% sales decline for its worldwide operations.