Tiffany  (TIF - Get Report) stock was falling 2.12% to $80.18 in early Tuesday morning trading as soft consumer spending and "post-election traffic disruptions" at its flagship New York City store weighed on holiday sales. 

The luxury jeweler said worldwide net sales rose 0.5% to $966 million from a year ago, while comparable-store sales were down 2% globally. 

In the Americas, total sales of $483 million and same-store sales were each down 4% for the two months ended December 31. 

Management blamed the sales decline on soft local spending and a 14% decline in traffic at its flagship store on Fifth Avenue. The flagship is located next door to Trump Tower, and has been affected by protests and increased security surrounding the building.

"These overall holiday period sales results were somewhat lower than we had anticipated, but we continue to benefit from a favorable gross margin and prudent expense management," CEO Frederic Cumenal said in a statement.

He noted that the retailer does not expect "any significant improvement in 2017 to the macroeconomic challenges that we faced this year."

Additionally, Reed Krakoff will join the company in the newly created role of Chief Artistic Officer on Feb. 1.

Krakoff will be in charge of design for jewelry and accessories, as well as stores, e-commerce, marketing and advertising. He has held senior creative roles at Coach (COH) and Ralph Lauren (RL - Get Report) .