Tiffany Holiday Sales Dip, Hurt by Strong U.S. Dollar

A strong U.S. dollar and weakness in the Americas and Japan caused a 1% drop in Tiffany's holiday sales and a cut in the jewelry retailer's full-year profit outlook. Chairman and CEO Michael Kowalski said that sales in the Americas fell slightly during November and December, while sales in Japan remained soft. Worldwide sales for the two months that ended December 31 totaled more than $1 billion. Tiffany now expects full-year earnings in a range of $4.15 to $4.20 per share. Its prior guidance was for $4.20 to $4.30 per share. At last check, Tiffany's shares had fallen about 15% to around $88.