Tiffany 4th-quarter earnings hurt by loan to diamond co., adjusted results beat expectations

Tiffany says loans made to a diamond company hurt its fourth-quarter earnings, but adjusted results beat analyst expectations.

The jewelry retailer said Monday it earned $118.3 million (euro76.7 million), or 89 cents per share, down from $140.5 million, or $1.02 per share last year. Excluding one-time charges, profit was $1.27 per share, above the $1.21 analysts surveyed by Thomson Financial expected.

One-time items inclde a charge of 22 cents per share for loans to Tahera Diamond Corp., which sought protection from creditors in January.

Tiffany's revenue rose 10 percent to $1.05 billion (euro680 million) from $958.9 million (euro621.73 million) last year, matching analysts' predictions.

The company expects a 2008 profit of $2.75 to $2.85 per share. Analysts expect $2.28 per share.