NEW YORK (TheStreet) -- Shares of Tiffany & Co. (TIF) - Get Report are falling, down 2.91% to $83.86 on heavy volume in mid-morning trading Friday, after the high-end jeweler issued a weak fiscal 2016 earnings outlook as it released its fiscal fourth quarter earnings report earlier this morning.

The retailer now expects earnings to show "minimal growth" in 2016, compared to the $4.20 per share it reported in the year prior.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "Almost all retailers are benefiting from the $1000 a year 'tax cut,' my shorthand for the terrific cash back from the pump we are all experiencing. That's terrific money and it can be put to good use all over the place except, perhaps, Tiffany where you can't get much for the money you are being rebated by OPEC and company."

For the fiscal fourth-quarter Tiffany reported a same-store sales drop of 4% from a year ago, or flat on a constant currency basis, falling below the consensus estimate for a rise of 0.6%. It cited the stronger dollar, and weak demand in Japan for the lower than expected numbers.

"However, don't forget that Tiffany's flagship store in New York is also being hurt by the strong dollar and the cut back in tourism that New York is experiencing courtesy of the strong dollar. I think Tiffany's a good long term story, but if you want to know which retailers to buy just check what we are doing in ActionAlertsPlus.com because they are all better bets than Tiffany," Cramer added.

For the quarter, earnings came in at $196.2 million, or $1.51 share, edging out the consensus estimate of $1.50 per share. Revenue fell 1% from a year ago to $1.29 billion, lower compared to the $1.31 billion analysts were expecting.

President and CEO Frederic Cumenal said, "Tiffany is facing challenges from global economic uncertainties, especially from the effect of a strong U.S. dollar on the translation of foreign-denominated sales into dollars and on foreign tourist spending in the U.S."

About 2.22 million shares of Tiffany have exchanged hands as of 10:48 a.m. ET today, compared to its average trading volume of about 1.6 million shares a day.

New York City-based Tiffany is a holding company that operates through its subsidiary companies to sell jewelry, timepieces, leather goods, sterling silver goods, china, crystal, stationery, fragrances and accessories.

Separately, TheStreet Ratings team rates TIFFANY & CO as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate TIFFANY & CO (TIF) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."

You can view the full analysis from the report here: TIF Ratings Report

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