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Lackluster holiday sales prompt Tiffany to cut outlook, staff
Tiffany & Co. says weak tourist spending and a strong dollar hurt its sales results for the two-month holiday period.
The retailer said worldwide net sales declined 3% (due to declines in the Americas and Asia-Pacific offsetting growth in Japan and Europe) and same store sales declined 5%. There were no noteworthy differences in performance among jewelry categories, the company said. Reported in U.S. dollars, worldwide net sales of $961 million were 6% lower than the prior year.

