New York -- Tiffany & Co.'s net income in the second quarter rose 2 % to $91.8 million, up from $90 million last year. But the performance missed Wall Street's expectations and the jewelry company cut its full-year guidance, citing the tough global economy and weakness in key markets such as New York and Asia.
“We think it is only prudent to maintain a cautious near-term outlook about global economic conditions and the effects on customer spending, with year-over-year growth comparisons in the next few months also being pressured by the strong increases we experienced last year,” said Michael J. Kowalski, chairman and CEO.
Revenue rose 2% to $886.6 for the quarter ended July 31. Sales in the Americas and Europe slipped 1%. Japan's sales rose 11%, while sales in the Asia-Pacific region increased 1%. Other sales climbed 12%as Tiffany converted five stores in the United Arab Emirates to company-run retail stores.
Same-store sales were down 1%.