REPORTS NOV-DEC SSS -35% Y/Y, CUTS FY08 GUIDANCE
- Sales declined most significantly in Tiffanys U.S. stores and to a lesser degree in Asia-Pacific and Europe.
- Notes that net earnings will decline in Q4.
- Cuts FY08 EPS to $2.25-2.30 v $2.40e ($2.30-2.50 prior), R $2.85B v $2.94Be.
- CEO: “Deteriorating global economic conditions were clearly reflected in cautious spending by Tiffany customers across the entire range of jewelry categories and price points. We believe these conditions will continue well into 2009.”
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