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Tiffany loses some holiday sparkle

Credit: Reuters Studio
Published on March 22, 2019 - Duration: 00:57s

Tiffany loses some holiday sparkle

Tiffany's quarterly sales fell, disappointing Wall Street.

As Fred Katayama reports, the luxury retailer had warned that low spending by Chinese tourists and weakness in Europe would hurt results.

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Tiffany loses some holiday sparkle

Tiffany lost some of its holiday sparkle.

The luxury retailer's net sales fell in the latest quarter, disappointing Wall Street.

The jeweler known for its blue boxes had earlier warned that low spending by Chinese tourists and weakness in Europe would hurt its results.

While sales in the U.S. were flat, those from the Asia-Pacific region and Europe fell.

Luxury retailers have been particularly worried about slowing economic growth in China, especially in light of the trade war between Beijing and Washington.

They rely on middle class Chinese shoppers to boost sales.

Tiffany, for its part, has been investing in marketing to specifically pull in more Chinese customers and tourists.

It has also been adding more affordable items to lure millennial shoppers who have been gravitating to lower-priced competitors.

Down the road, Tiffany said it expects sales growth to strengthen and earnings growth to resume in the second half of the year.

Tiffany shares dropped at the market open Friday but quickly bounced back into the black.

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