Tiffany & Co. said Thursday that it downgraded is 2012 profit outlook partly due to signs of “decelerating rates of economic growth” for the balance of the year.

The luxury jewelry and fine-goods retailer said first-quarter profit rose slightly to $81.5 million, or 64 cents a share, from $81.1 million, or 63 cents a share, in the year-ago period.

Sales rose eight percent to $819 million, but the company’s Americas region underperformed.

Wall Street analysts expected the company to earn 69 cents a share on sales of $817 million, according to a survey by FactSet Research.

Looking ahead, Tiffany’s expects 2012 earnings of $3.70 to $3.80 a share, below its earlier forecast of $3.95 to $4.05 a share. The 2012 analyst estimate for Tiffany’s earnings is $3.98 a share.

Tiffany shares plunged more than nine percent in pre-market trade after the results.

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