The company also forecast a mid-single-digit percentage fall in its full-year profit. Tiffany had earlier said it expected earnings to stay flat or fall by up to mid-single digits in percentage terms.
Tiffany's reluctance to offer promotions has been turning away thrifty shoppers, while a stronger dollar has made purchases more expensive for tourists.
Tiffany's net income fell 16.6 percent to $87.5 million, or 69 cents per share.
Net sales dropped 7.4 percent to $891.3 million, missing the average analyst estimate of $915.1 million, according to Thomson Reuters I/B/E/S.
Data from Reuters were used to report this story.