Tiffany & Co. said Friday that its second-quarter profit fell 30 percent on lower sales, but the results beat analysts' estimates. The luxury retailer also raised its full-year earnings guidance, saying its August sales trends are meeting expectations, according to AP. «While economic and retail conditions remain challenging, we were encouraged to see many stores achieving either smaller year-over-year rates of sales declines or modest sales growth compared with the past two quarters,» Chairman and CEO Michael Kowalski said in a statement. The company known for its signature blue box earned $56.8 million, or 46 cents per share, for the period ended July 31, down from $80.8 million, or 63 cents per share, a year ago. The latest results included 7 cents per share related to loan recovery and tax reserve adjustments. Analysts forecast profit of 33 cents per share, according to a Thomson Reuters survey. Those estimates typically exclude one-time items. Sales dropped 16 percent to $612.5 million from $729.6 million, but still topped Wall Street's estimate of $602.1 million. Sales at U.S. stores open at least a year dropped 27 percent. At its flagship New York store, sales were off 30 percent. Combined Internet and catalog sales for the U.S. fared a bit better, posting an 8 percent decline. The retailer had smaller dropoffs overseas, with sales for the Asia-Pacific region dipping 1 percent and European sales down 4 percent. Tiffany now expects 2009 earnings from continuing operations of $1.65 to $1.75 per share, up from a prior outlook of $1.50 to $1.60 per share.
