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Loan Charges Hurt Tiffany Results
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.
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