Tiffany Q1 profit flat, cuts forecast; will open 24 stores

New York -- Tiffany & Co. reported Thursday that profit for the first quarter was essentially flat at $81.5 million, compared with $81.1 million in the year-ago quarter, prompting the jeweler to reduce its forecast for both sales and profit for the year.



Worldwide revenue increased almost 8% to $819.2 million in the quarter, topping Wall Street’s estimates of $817.1 million in revenue. Same-store sales rose 4%.



Tiffany said it now projects that sales globally will be up 7% to 8%, instead of the originally forecasted 10% rise.



For fiscal year 2012, the company said it is on track to add 24 stores – comprised of nine in the Americas, eight in Asia-Pacific, two in Europe, and five in the United Arab Emirates. Four of these stores were opened in the first quarter.