Tiffany’s holiday season was worse than it predicted
New York (CNN Business)Tiffany & Co. already warned in January that sales during the holiday were weak. It turned out that demand for jewelry and other bling in the company’s trademark blue boxes was a bit worse than what investors expected — and Wall Street was not happy.
Shares of Tiffany (TIF) fell 5% in early trading after the company reported that sales for its fourth quarter were a bit below the already-lowered forecasts. The company blamed a drop off in tourist spending in the United States and Europe for the shortfall.
Sales at stores open at least a year were down 1% during the quarter. Tiffany said in its earnings release Friday that it’s not expecting things to improve anytime soon.
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