NEW YORK (TheStreet) -- Shares of Tiffany & Co.  (TIF - Get Report) are falling 1.43% to $62.94 in early-morning trading on Wednesday after reporting 2016 first quarter earnings and revenue that fell short of analysts' expectations. 

Total sales in the Americas and Europe each dropped 9% in the quarter, and the high-end jeweler on its conference call blamed the disappointing results on softness in spending, TheStreet's Jim Cramer pointed out on CNBC's "Squawk on the Street" this morning. 

He mentioned that Tiffany placing its shortcomings on softness within its own business is circular reasoning.

"Why aren't you doing well? Well, because we aren't doing well," Cramer said of the thought process. 

The company can no longer blame macro trends for its weakness, Cramer contended.

"Frankly, I just think it's embarrassing to come out quarter after quarter and blame the strong dollar," he stated.

Year-over-year the dollar isn't even strong, rendering it an unacceptable reason for missing the quarter, Cramer added.

He did concede that Tiffany and a number of its competitors pointed to weakness within Hong Kong, so there may be softness in that region. 

"But the fault is in themselves and not the stars," Cramer noted. "I'm tired of this firmament blaming."

Specialty retailer Express's (EXPR) 2016 first quarter results were similarly disappointing, and underscored the question of retailers' "raison d'être," Cramer said. Retailers must now ask themselves, "Are we necessary? Do we make a difference," Cramer added.

"Well yeah, if you're short," he joked.

Shares are down 15.19% to $13.60 this morning.

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C+.

Tiffany's strengths such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins are countered by weaknesses including deteriorating net income, weak operating cash flow and disappointing return on equity.

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

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.