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Tiffany Reduces Earnings Estimates

Tiffany & Co. pared its full-year earnings estimates as same-store sales in its U.S. operations fell 2 percent during the holiday season.

Tiffany & Co. pared its full-year earnings estimates as same-store sales in its U.S. operations fell 2 percent during the holiday season.

The company measured holiday as the period between Nov. 1 and Dec. 31.

Tiffany said in a statement that it expects earnings of $2.25 to $2.28 a diluted share in 2007, excluding certain charges. Previous estimates were for earnings of $2.25 to $2.30. The company cited a pullback in consumer spending in the U.S. in its results.

Net sales in U.S. stores increased 4 percent during the November-December period, the company said. Worldwide in the same period net sales grew 6 percent and comparable-store sales increased 1 percent, on a constant-exchange-rate basis, excluding the effects of foreign currency fluctuations.

Tiffany stock fell more than 14 percent in early trading Friday to a 52-week low of $34.95 before recovering.

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