Tiffany & Co. Posts 2Q Earnings Decline

Tiffany & Co.reported Friday a 30 percent decline in earnings during the second quarter, but the company said that number exceeded expectations.

The company earned $56.8 million in the second quarter, down 30 percent from $80.8 million in the second quarter of 2008. Overall net sales declined 16% and sales in the Americas declined 23%. 

Tiffany now expects net earnings from continuing operations of $1.65 – $1.75 per diluted share for the rest of 2009 compared to the previous forecast of $1.50 – $1.60 per diluted share.

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