NEW YORK — Tiffany & Co., experiencing weak consumer spending around the world except for Japan, reported that net earnings for first quarter ended April 30 fell to $87 million, or 69 cents a diluted share, from $105 million, or 81 cents a diluted share, a year ago.
The latest figures included a tax benefit of 5 cents a diluted share related to the settlement of a tax examination.
But net earnings were generally in line with management’s previously announced expectation for the first quarter.
Worldwide net sales declined 7 percent to $891 million and comparable-store sales fell 9 percent.
Frederic Cumenal, chief executive officer, said, “As expected, this was a difficult quarter in terms of both sales and earnings growth. We faced numerous challenges, including continued pressure from foreign tourist spending in Europe, the U.S. and Asia, particularly in Hong Kong. But we are continuing to take actions that are intended to strengthen sales growth with local customers in the U.S. and around the world. From a strategic perspective, we believe that our initiatives will enhance our ability to provide our customers with extraordinary products and experiences and ultimately contribute to improved financial results. We remain focused on generating sustainable long-term sales and earnings growth.”