Tiffany cut its fiscal-year sales and profit forecasts after 23 percent drop in profits in Q3
American jeweller Tiffany has once again revised its sales and profit forecasts after a 23% drop in profits for the third quarter ending October 2012. For the Q3, Tiffany’s net profits decreased to 63,2 million dollars, compared to 89,7 million dollars same period last year. Tiffany explains the negative results are mainly due to the rise of raw materials, especially diamonds, but also the economic recesssion in many regions of the world. For the fiscal year ending January 2013, Tiffany expects profits between 409 and 435 milion dollars.