Tiffany Holiday Sales Fall Short as Tourists Scale Back Spending

(Bloomberg) -- Tiffany & Co.’s holiday performance came short of the luxury jeweler’s own expectations -- another sign that the Christmas season was not the smash hit that some hoped for in the U.S. retail sector.

• Same-store sales, a key retail metric, were flat in the last two months of 2018, excluding the impact of foreign exchange, the company said, adding it had called for modest growth. Tiffany now sees fiscal 2018 earnings at the lower end of its previous outlook.

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Market Reaction

• Shares dropped as low as $83 following Tiffany’s statement before erasing losses and rising to $87.16 as of 9:02 a.m. in New York.

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