Tiffany Announces Earnings

Tiffany (TIF) announced that net income in the third quarter dropped by 30 percent due to higher tax rates, economic weakness, and increased costs. The company earned $63.2 million, or 49 cents per share, down from $89.7 million or 70 cents per share, in the same period last year. Revenue increased by four percent to $852.7 million from *821.8 million. Analysts had expected earnings of 64 cents per share on revenue of $858.8 million.