• January 14, 2009

Tiffany & Co. says its sales for the November and December holiday period fell 21% worldwide to $687.4 million, including a 30% drop in the U.S. On a same-store basis, sales in the U.S. dropped 35%, and the company says the decline was similar across all its stores, including the New York flagship.

Even Internet and catalog sales slipped, falling 21%. "Deteriorating global economic conditions were clearly reflected in cautious spending by Tiffany customers across the entire range of jewelry categories and price points," the company says in its release. "We believe these conditions will continue well into 2009." The company lowered its financial estimates for the year.--Sarah Mahoney