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By Bloomberg

Tiffany & Co., the luxury jewelry chain, posted second-quarter profit that missed analysts’ estimates after currency fluctuations took a bite out of international revenue.

Profit was 86 cents a share, excluding some items, the New York-based company said in a statement Thursday. Analysts had estimated 91 cents on average, according to data compiled by Bloomberg.

A strong U.S. dollar has lowered the value of the Tiffany’s sales overseas, where the company gets most of its revenue. Currency fluctuations also have kept tourists from making purchases at U.S. stores, dealing a second blow to revenue.

“The adverse effects from the strong dollar have been even more significant than initially expected,” Chief Executive Officer Frederic Cumenal said in the statement. The company is looking to new designs and products, such as the Tiffany T jewelry and CT60 watch collections, to help fuel demand, he said.

The shares tumbled in early trading after the results were released. The stock had already slumped 20 percent through Wednesday’s close.

Holding currency rates constant, Tiffany’s same-store sales rose 7 percent last quarter from the same time a year earlier. Analysts had been a 3.5 percent gain, according to Consensus Metrix.

Tiffany expects its fiscal 2016 earnings to be 2 percent to 5 percent below last year’s total of $4.20 a share. Analysts estimated $4.23 on average.

The retailer also is adapting to a change in leadership. Cumenal took the CEO job on April 1, with the company’s former leader, Michael Kowalski, remaining on the board as nonexecutive chairman.