Tiffany Misses Second Quarter Earnings Estimates and Cuts Full Year Forecast

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Iconic jewelry maker Tiffany & Co. (NYSE:TIF) didn't meet profit expectations in the most recent quarter. The company posted an EPS of 72 cents a share, lower than the 74 cents analysts were expecting. Revenue did rise 2% to $886.6 million, but was also below the street's estimate of $891.1 million. Chairman and CEO of the company Michael Kowalski said Tiffany's sales growth was hurt by tough economic conditions and higher product costs. The company also lowered its full-year earnings forecast to a range of $3.55 to $3.70. Analysts are predicting 2012 earnings to be $3.65 per share. Tiffany says it still expects sales to decline in the third quarter but rise in the fourth quarter.Currently, the jeweler's stock is up over 6% to $62.10