Tiffany's U.S. holiday sales growth weakens, lowers guidance
New York City -- Tiffany & Co. reported Tuesday that sales growth weakened in the United States and Europe during the holiday season, although other regions experienced significant gains.
The company cut its yearly earnings guidance.
After five straight quarters of better-than-expected results, the jewelry retailer reported U.S. total revenue up 4% to $503 million and same-store sales up just 2%. Higher sales to tourists in the United States were offset by weaker spending by U.S. customers, said the company, and sales at its New York flagship store fell 1%.
In Europe, revenue edged up 1% to $117 million, and same-store sales fell 4%.
Online and catalog sales dropped 4% from the previous year.
However, total sales rose 7% to $952 million in November and December, helped by a 19% jump in the Asia-Pacific region and a 13% rise in Japan.