Tiffany posts flat Q3 sales growth, profit drops 17 percent

For the third quarter, Tiffany & Co., said, worldwide net sales remained unchanged to 1 billion dollars from the prior year and decreased 2 percent to 3.1 billion dollars in the year-to-date period. On a constant-exchange-rate basis, worldwide net sales were 1 percent above the prior year and unchanged in the year-to-date period. The company said in a statement that net earnings of 78 million dollars declined 17 percent or to 65 cents per share in the third quarter and by 11 percent in the nine months to 340 million dollars or 2.80 dollars per share.