Loan and Insurance
Loan Charges Hurt Tiffany Results
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| 2009-10-23, 3:01 PM |
NEW YORK (March 24) - Tiffany says loans made to a diamond company hurt
its fourth-quarter earnings, but adjusted results beat analyst
expectations.
The
jewelry retailer said Monday profit for the quarter ended Jan. 31 fell
to $118.3 million, or 89 cents per share, from $140.5 million, or $1.07
per share last year. Excluding one-time charges, profit was $1.27 per
share, above the $1.21 per share analysts expected.
One-time
items include a charge of 22 cents per share for loans made to Tahera
Diamond Corp., which sought judicial protection from creditors in
January.
New York-based Tiffany & Co.'s revenue rose 10
percent to $1.05 billion, from $958.9 million last year, matching
analysts' predictions.
The company expects a 2008 profit of $2.75 to $2.85 per share. Analysts forecast earnings of $2.28 per share.
Source: MONEY.aol.com
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