The woes of the old-school retail sector continued Wednesday with up-market jeweler Tiffany & Co (NYSE:TIF) the latest to come up short.
Fiscal first quarter earnings per share of 74 cents a share were ahead of the market consensus forecast of 70 cents, and up from 69 cents the year before.
What frightened investors were the like-for-like sales, which fell 3% from the year before, whereas the market had been expecting growth of 1.6%.
The shares were off 6.8% in lunchtime trading.
The company restated its full-year guidance of net sales increasing by a low single digit percentage from the year before.