Tiffany’s sales miss estimates; shares slump

Bengaluru

Tiffany & Co reported lower-than-expected quarterly sales and a surprise drop in comparable sales due to lower spending by tourists and domestic customers in the Americas, its largest market.

The company’s shares fell 5.6 per cent to $87.95 before the bell on Wednesday. Tiffany, whose one-of-a-kind pieces are a regular feature on Hollywood red carpets, has been struggling to attract young shoppers, particularly in the Americas, as consumers shift to cheaper, chic brands such as Pandora A/S and Alex and Ani. Comparable-store sales in the Americas, which account for nearly half of Tiffany’s revenue, fell 4 per cent, while the company posted a 3 per cent decline in the Asia-Pacific region in the first quarter due to lower spending by Chinese tourists.