Tiffany 2Q sales flat as profit falls 16%

Tiffany & Co. said second quarter sales were flat at US $991 million versus the comparable period last year, according to a company press release. Profit was down 16 per cent to US $105 million. Comp store sales increased by 7 per cent., beating analyst estimates of 3.5 per cent. The company said lower wholesale diamond costs drove a 40 basis-point increase in the gross profit rate of 59.9 per cent...Read More