Tiffany reports lower holiday sales
January 11 , 2013
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