Tiffany: profit down 12% on lower tourist spending

(CercleFinance.com) - Tiffany & Co.
posted lower quarterly profit on Tuesday, as the US upscale jeweler was hit by currency headwinds and lower spending by foreign tourists.

Tiffany's net profit fell to 125 million dollars, or 1.03 dollar per share, in the fiscal first quarter ended 30 April, compared with 142 million dollars, or 1.14 dollar per share, a year earlier.

Net sales declined 3% to 1 billion dollars, with comparable sales down 5%, it said.

In the Americas, net sales fell by 4%. Sales in the Asia-Pacific region fell by 1% and 4% in Europe.

Its gross margin also fell to 61.7%, against 63% a year earlier.

Citing "financial strength," Tiffany has announced a regular quarterly dividend of 0.58 dollar per share, up 5%.

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