Shares of Tiffany's (TIF) fell over 6% during Thursday's trading session. The specialty jeweler retailer reported its third quarter results before the market open.
Third Quarter Results
Tiffany's reported third quarter revenues of $852.7 million, up 4% on the year. Worldwide net sales rose 5% in constant currencies, while comparable store sales rose 1%. Revenues missed consensus estimates of $858.8 million.
Gross margins fell to 54.4%, down 350 basis points compared to the year before. High precious metal prices and diamond costs, and lower sales leverage negatively affected margins.
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