Upscale jeweler Tiffany (TIF) has reported a 1 percent fall in quarterly sales, hurt by a stronger dollar and weak demand during the holiday shopping season.
The company reported net income of $196.2 million, or $1.51 per share, in the fourth quarter ended Jan. 31, compared with a loss of $103.6 million, or 81 cents per share, a year earlier.
New York-based Tiffany’s revenue slipped to $1.29 billion from $1.30 billion, about half of which was from the outside the United States.
Tiffany’s quarterly profit and revenue were expected miss analysts’ estimates, according to Thomson Reuters StarMine. The company cut its full-year profit forecast in January, citing weak demand during the holiday shopping season. A tax hike in Japan, a stronger dollar and fewer tourists in the United States is likely to have weighed on revenue.
A Dutch court in December ordered Tiffany to pay Swatch 402 million francs in damages over a failed joint venture to make watches. Investors will be looking out for updates on the litigation and any forecast.