Tiffany & Co. downgrades its 2012 sales and earnings forecasts, due to the global crisis and in particular the decline in the silver jewelery market. The historic brand linked to the film starring Audrey Hepburn predicts an increase in sales of between 5 and 6%, one point less than previously estimated. On the other hand, the share on the Stock Exchange will rise from a value of 3,2 dollars to 3,4, compared to the 3,7 initially expected.
As regards turnover, the American group recorded an improvement of 3,8% to 582,7 million dollars, while Reuters had estimated around 860 million. Net income revised to $63,2 million (49 cents per share) versus $89,7 million previously forecast (70 cents per share). The announcement sent Tiffany stock plummeting on the Wall Street Stock Exchange: in pre-opening trading it has already plunged by 12%.
