Tiffany profit falls, but less than expected

Big, expensive jewels are not selling well in this recession. Tiffany & Co. (TIF) lost some sparkle in the second quarter, but still managed to beat Wall Street's expectations, thanks to sales of small items.

The jeweler reported net income of $56.8 million for the quarter ended July 31, down 29.7 percent from $80.8 million the same time last year. Earnings per share were down to 46 cents, from 66 cents last year; but that still easily beat analysts' expectations of 33 cents per share.