Tiffany 4Q profit falls as costs offset sales

Tiffany & Co. projected a 2012 profit of $3.95 to $4.05 per share on sales growth of about 10 percent. That suggests $4.01 billion in sales.

Tiffany says its fourth-quarter profit fell slightly, as higher costs more than offset an increase in revenue.

But the iconic jewellery company issued a stronger-than-expected outlook for the current year.

Its shares rose 2.2 percent to $70.21 in premarket trading.

For the quarter ended Jan. 31, the New York-based company reported net income of $178.4 million, or $1.39 per share. That’s down from $181.2 million, or $1.41 per share, in the same quarter a year ago.

Analysts polled by FactSet expected earnings of $1.42 per share.

Revenue rose 7.8 percent to $1.19 billion, matching analysts’ predictions.

Tiffany & Co. projected a 2012 profit of $3.95 to $4.05 per share on sales growth of about 10 percent. That suggests $4.01 billion in sales.

Analysts expect earnings of $3.93 per share on revenue of $3.91 billion.