The funniest thing is that Mary Farrell (a rabid bull) from PAIN Webber was on CNBS and recommended purchase of TIF because the stock was holding up well and the company is very doing well. While she was on, the TIF warning flashed on the screen beneath her ugly mug........ LMAO!!!!!!!!!!
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Tuesday July 10, 4:40 pm Eastern Time
Tiffany warns on Q2 profits
(UPDATE: adds details throughout)
NEW YORK, July 10 (Reuters) - Luxury jeweler Tiffany & Co. (NYSE:TIF - news) on Tuesday warned its second-quarter earnings may fall at the low end of Wall Street forecasts and its third-quarter earnings will be about the same as last year, due to the slowing U.S. economy.
Tiffany, known for its signature blue giftboxes, said it sees second-quarter
earnings of 23 to 25 cents a share. Analysts polled by Thomson
Financial/First Call on average expected a profit of 25 cents a share, with
their estimates ranging from 23 to 27 cents a share.
In the year-ago second quarter, the jeweler earned 26 cents a share. In
last year's third quarter, Tiffany earned 24 cents a share. An analyst
consensus estimate showed the retailer reporting a third-quarter profit of
26 cents, from a range of 23 cents to 28 cents.
``We are pleased with the number of retail transactions, but restrained
customer spending continues to reduce the average transaction size,''
Tiffany chief executive Michael Kowalski, said in a statement.
``International sales results are generally on or close to expectations.''
Many retailers including Federated Department Stores Inc. (NYSE:FD - news) have cut profit forecasts due to slow sales in June. Consumers, shaken by rising job cuts and higher energy costs among other things, have pulled back spending on luxury items.
Second-quarter earnings have been bolstered by the company's efforts to contain costs and maintain higher gross margins, it said.
Tiffany also said it maintained its expectations for healthy sales and earnings growth in the fourth quarter.
Shares of Tiffany, which will report second-quarter earnings on August 16, ended off 47 cents at $34.73 in trade on the New York Stock Exchange.
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