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Tiffany tops 1Q forecast
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May 16, 2001: 11:06 a.m. ET
Luxury retailer beats estimates despite retail slowdown; sees 2Q, 3Q in line
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NEW YORK (CNNfn) - Luxury goods retailer Tiffany & Co. Inc. reported fiscal first-quarter profit Wednesday that beat Wall Street estimates by a penny and said it expects its second- and third-quarter profits to be in line with analysts' estimates, provided U.S. consumer confidence and spending keep improving from recent levels.
The company's stock dipped 44 cents to $33.25 despite the positive earnings announcement, in morning trading on the New York Stock Exchange.
New York-based Tifffany (TIF: up $0.09 to $33.78, Research, Estimates) reported earnings, excluding pretax charges for the quarter ended April 30, of $28.6 million, or 19 cents a diluted share, while sales dipped 3 percent to $336.4 million from $345.1 million a year earlier. The latest results are 1 cent better than the 18-cent analysts' consensus according to earnings tracker First Call.
Including pretax gains, income was $30.7 million, or 20 cents per share.
 Tiffany said it expects second-quarter earnings to meet analysts' profit forecast of 25 cents a share, and its third- and fourth-quarter profit to fall within the analysts' consensus range.
The company said third-quarter earnings per share could be in the range of 25 to 27 cents, while earnings for the fourth quarter could be in the 65 to 67 cents range. Analysts polled by First Call expect a profit of 26 cents a share in the third quarter and 65 cents a share in the fourth quarter.
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"Our outlook continues to call for challenging external conditions in the coming months and we will continue to face a tough comparison to last year," President and CEO Michael J. Kowalski said. "We will continue to expand distribution and further invest in the supporting infrastructure and exercise rigorous control over expenses." 
--from staff and wire reports
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