WWD.com/business-news/financial/european-markets-slip-6195310/
government-trade
government-trade

Retail Stocks Slump, Tiffany Shines

Jeweler jumps despite lower annual earnings outlook.

Retail stocks slumped on Wall Street today, but Tiffany & Co. managed to bring a little sparkle to the day even as it reduced its annual profit guidance for the second quarter running.

The S&P Retail Index fell 0.4 percent, or 2.58 points, to 642.40, as the Dow Jones Industrial Average slipped 0.3 percent, or 33.30 points, to 13,124.67.

Tiffany took a different path, rising 7.2 percent to $62.71 after the company said its earnings would start to perk up before the end of the year. The jeweler now expects earnings of $3.55 to $3.70 a share this year, down from the $3.70 to $3.80 previously forecast.

Losing ground for the day were Vera Bradley Inc., down 4.9 percent to $23.32; Sears Holdings Corp., 2.3 percent to $55.22, and Limited Brands Inc., 2 percent to $47.84.

Markets were up in Europe. Frankfurt’s DAX gained 1.1 percent to 7,047.45, as Milan’s FTSE MIB rose 0.9 percent to 15,012.87 and Paris’ CAC 40 gained 0.9 percent to 3,462.83. Markets were closed in London.