Tiffany's (TIF) reported An awful quarter was expected for the jeweler. Many negative trends coincided during the first quarter for Tiffany's. The strong dollar continues to be a drag on its substantial foreign revenue. In fact, when Tiffany's first hinted at currency impacts, the stock skidded by 14% in one day. Nearly a quarter of Tiffany's entire sales and more than 40% of sales of its 5th avenue flagship store are made to foreign tourists. Sales of jewelry less than $500 have been lackluster. Tiffany's silver business has been in decline since 2007. Because of the strong dollar, foreign tourist travel to New York has slowed. North America is almost 50% of Tiffany's sales, so strong tourist travel to Tiffany's flagship New York City store is a must. Tiffany's Japanese business also saw a substantial drop in sales. Tiffany had already warned the quarter would be particularly weak with a 10% drop in world-wide net sales, while the second quarter would be somewhat better. It signaled “minimal” earnings growth for the full year, implying a decent second half. Tiffany's is now trading in line with its average forward earnings multiple of the past 5 years.