Tiffany & Co. (TIF) announced Thursday morning that net sales for the two-month period ended December 31, 2012 increased 4 percent to $992 million, which was at the low-end of its expectations. The Company now expects earnings for the year ending January 31st to be at the lower end of its previous forecast of $3.20 to $3.40 per share.
Tiffany gapped open sharply lower Thursday, but climbed during the first hour of trade, before settling into a range. The stock closed up by 2.86 at $60.40 on strong volume. Tiffany & Co. dropped below both its 50 and 200-day moving averages.
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