Upscale jeweler Tiffany & Co posted a 62 percent drop in quarterly profit on Friday, as shoppers stayed away from jewelry in the recession.

Net profit fell to $24.3 million, or 20 cents per share, in the first quarter ended on April 30 from $64.4 million, or 50 cents per share, a year earlier.

Sales dropped 22 percent to $523.1 million. On a constant currency basis, sales fell 18 percent.

Saying sales have declined less sharply so far in the second quarter, Tiffany stood by its full-year forecast for per-share earnings of $1.50 to $1.60 from continuing operations.

Earlier in May, Tiffany said it had bought bankrupt handbag maker Lambertson Truex in a bid to expand its array of leather goods.

(Reporting by Aarthi Sivaraman; Editing by Lisa Von Ahn)

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