Tiffany’s Q3 Sales, Earnings Down

Tiffany & Co. (New York) announced its third-quarter earnings results, which included an 8 percent decrease in net earnings to $91 million. The company told investors that net earnings for the year would likely be 5 to 10 percent lower than the previous year.

The company’s net sales dropped 2 percent to $938 million and same-store sales dropped 5 percent.

The weak sales are being attributed, in part, to a strong dollar and decreased tourist spending. USA Today reported that if currency exchange rates hadn’t been in effect, the company would have seen a 4 percent increase in worldwide sales.

However, the company did note that diamond prices are down 15 percent for the year, which will help its profit margins.