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Currency rates, tepid consumer spend present challenges for Tiffany & Co.

A weakening China market, which accounts for Tiffany & Co.’s 24 percent of sales, and lower than usual tourist traffic hurt the retailer’s holiday season as sales dipped 6 percent and earnings dropped 10 percent.

January 22, 2016

A weakening China market, which accounts for Tiffany & Co.’s 24 percent of sales, and lower than usual tourist traffic hurt the retailer’s holiday season as sales dipped 6 percent and earnings dropped 10 percent.

Those figures, as reported by Reuters, are part of the reason the high-end jewelry seller expects minimal growth this year, and continued loss in some segments. The retailer predicts total earnings will decline by 10 percent, double its previous decline expectations.

The retailer has been busy initiating cost reduction measures, including job layoffs.

"We believe overall sales results were negatively affected by restrained consumer spending tied to challenging and uncertain global economic conditions," said CEO Frederic Cumenal, in a statement, as reported by AppealDemocrat.com