Luxury jeweler Tiffany & Co. said on Thursday that its second-quarter profits fell by 8% to match lowered Wall Street estimates amid a slowing U.S. economy and weak consumer demand, and it predicted third-quarter profits at the lower end of analysts’ forecasts, Reuters reported.

The New York-based company said net income in the quarter ended July 31 fell to $36.1 million or 24 cents a diluted share, from $39.2 million or 26 cents a share in the year-ago quarter, Reuters reported.

Wall Street analysts had forecast the jeweler to post earnings of 23 to 25 cents, with a mean at 24 cents, according to research firm Thomson Financial/First Call, Reuters reported. Tiffany cut its second-quarter outlook last month, citing restrained customer spending and projected earnings of 23 to 25 cents.

Tiffany said net sales in the quarter fell to $371.3 million from $374.4 million a year ago, while same-store sales in the U.S. fell 4%. The company forecast third-quarter earnings of 22 to 24 cents a share versus 24 cents a year ago. For the fourth-quarter it projected earnings of 60 to 65 cents a share, based on expectations of modestly better U.S. same store sales.

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