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Tiffany reports lower holiday sales

  • Tiffany & Co said on Thursday that its net worldwide sales during the holiday season had only risen 4 percent.

    The upscale jeweller added that tough global economic conditions had forced it to cut its sales and profit forecasts three times this fiscal year.

    In 2011, the retailer reported a 7 percent rise in holiday sales.

    With the exception of Asia, sales gains remained modest in Tiffany's key markets, and dropped 2 percent at its Fifth Avenue flagship store in November and December.

    In Europe, sales at stores open at least a year were flat. In Japan, Tiffany's second biggest market, sales increased 1 percent. In the rest of Asia, same-store sales were up 7 percent.

    Tiffany & Co Chief Executive Michael Kowalski said the company would plan "conservatively" for next year's sales growth and expects net earnings to increase between 6 percent and 9 percent in 2013.

    Tiffany & Co is headquartered at New York, click NewYork Fast Facts