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Strong Dollar Hits Tiffany's Quarterly Sales

Tiffany & Co reported a 5 percent fall in quarterly sales as a strong dollar discouraged tourists from spending in its US stores and reduced the value of overseas sales.
By
  • Reuters

NEW YORK, United States — Luxury jeweller Tiffany & Co reported a 5 percent fall in quarterly sales as a strong dollar discouraged tourists from spending in its U.S. stores and reduced the value of overseas sales.

The company's net income fell to $104.9 million, or 81 cents per share, in the first quarter ended April 30 from $125.6 million, or 97 cents per share, a year earlier.

Revenue fell to $962.4 million from $1.01 billion, while total same-store sales fell 7 percent.

By Yashaswini Swamynathan, Ramkumar Iyer; editor: Ted Kerr.

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