Tiffany earnings sharply lower

Early this morning, Tiffany & Co. (TIF) released its first-quarter earnings results. The company managed to match the consensus estimate for the quarter, logging earnings of 20 cents per share. While the results were in line with expectations, the were sharply lower than a year ago.

The same goes for quarterly revenue. On a year-over-year basis, revenue dropped nearly 22 percent to $523.1 million. Unlike earnings, revenue fell short of the consensus estimate of $533 million.