Tiffany cuts jobs as sales lose sparkle
- 8 years ago
Upscale jeweler Tiffany & Co reported a sharp decline in holiday season sales and cut jobs as it struggles with weak spending by tourists in its showpiece U.S. stores.
The company's traditional reluctance to offer promotions has been turning away thrifty customers, while a stronger dollar has made purchases more expensive for tourists.
Slowing economic growth in China could pose another headache this year for the company, which gets about 24 percent of its sales from the Asia-Pacific region.
Tiffany's shares, which have lost nearly a third of their value in the past six months, touched a near three-year low of $62.90 in morning trading on Tuesday.
The company's traditional reluctance to offer promotions has been turning away thrifty customers, while a stronger dollar has made purchases more expensive for tourists.
Slowing economic growth in China could pose another headache this year for the company, which gets about 24 percent of its sales from the Asia-Pacific region.
Tiffany's shares, which have lost nearly a third of their value in the past six months, touched a near three-year low of $62.90 in morning trading on Tuesday.