New York -- Tiffany & Co. reported Thursday that profit for the first quarter was essentially flat at $81.5 million, compared with $81.1 million in the year-ago quarter, prompting the jeweler to reduce its forecast for both sales and profit for the year.
Worldwide revenue increased almost 8% to $819.2 million in the quarter, topping Wall Street’s estimates of $817.1 million in revenue. Same-store sales rose 4%.
Tiffany said it now projects that sales globally will be up 7% to 8%, instead of the originally forecasted 10% rise.