NEW YORK, United States — Tiffany & Co., the luxury jewelry chain, posted second-quarter profit that missed analysts’ estimates as currency fluctuations took a bite out of international revenue.
Profit was 86 cents a share, excluding some items, the New York-based company said in a statement Thursday. Analysts had estimated 91 cents on average, according to data compiled by Bloomberg.
A strong U.S. dollar has lowered the value of the Tiffany’s sales overseas, where the company gets most of its revenue. Currency fluctuations also have reduced purchases by tourists at U.S. stores.
The shares tumbled in early trading after the results were released. The stock had already slumped 20 percent through Wednesday’s close.
By Lindsey Rupp; editors: Nick Turner, Kevin Orland.