Tiffany Turns In Tough Q, Especially At Flagship

  • June 1, 2009
Diamonds weren't a girl's best friend this quarter: Tiffany & Co. says its first-quarter net income plunged to $24.3 million from $64.4 million in the same period a year ago, while net sales fell 22% to $523.1 million. (Excluding currency fluctuations, sales slipped 18%.)

On a comparable-store sales basis, sales declined by 21%. The results were worst in the U.S., where comparable-store sales fell 34%, and at its flagship New York stores, where sales tanked 42%.--Sarah Mahoney

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