Earnings

Tiffany quarterly same-store sales miss estimates

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A pedestrian passes a Tiffany & Co. location.

Yuriko Nakao | Bloomberg | Getty Images

Tiffany cut its profit outlook for the year after the luxury jeweler blamed “dramatically” lower spending by tourists worldwide for missing quarterly same-store sales estimates on Tuesday.

Chinese tourists, who account for more than a third of global sales of luxury products, are spending more on home turf, encouraged in part by government efforts to fuel consumption by cutting VAT or import duties. At the same time, the number of visitors from China to the United States fell in 2018 for the first time since 2003.

The company said that tourist-related sales in the Americas were down about 25% from year…



Source cnbc.com

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