Retailers, consumers and prices
Check Out Line: At Tiffany, the cut is in the costs, not the diamonds
Check out cost cuts at Tiffany.
it is (was?) a recession and people aren’t buying as much expensive jewelry. Sales at Tiffany fell 16 percent in the latest quarter.
But even though profit also fell almost 30 percent, Tiffany shares still rose.
Cost cuts helped Tiffany beat analyst expectations. The company said SG&A expenses fell 14 percent. It’s also slowing its pace of store openings because of the recession.
“Breakfast at Tiffany’s?” Right now, it might be an Egg McMuffin and coffee from the deli on the corner.
Also in the basket:
Consumer spending lifted by “cash-for-clunkers”
L’Oreal H1 beats forecasts, ready to make purchase