Tiffany & Co has decreased its profit forecast for the year as a result of low sales in Japan and over the holidays. The high-end jeweller is now expecting a profit of $4.15-$4.20 per year for the year ending January 31 in comparison to a prior forecast of $4.20-$4.30 per share.
Previously, Tiffany shares dropped by 14.4 per cent to $88.52, which is the company’s largest intra-day decline in almost 11 years.
Tiffany reports that during the holiday season, both overall and same-store sales in the Americas fell by 1 per cent in comparison to a 6 per cent increase last year.
Meanwhile in Japan, Tiffany sales have decreased for the past two quarters as result of the government’s move to raise consumption tax from 5 per cent to 8 per cent. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
