NEW YORK — Tiffany said holiday sales fell 21 percent as wealthy consumers reduced spending amid the global financial crisis. The chain cut its annual earnings forecast.
Revenue for Nov. 1 to Dec. 31 fell to $687.4 million, from $867.3 million in the same period a year earlier, New York-based Tiffany said Wednesday. Sales at U.S. stores open at least a year declined 35 percent.
“This holiday season was the most challenging in the 21 years since Tiffany became a public company,” spokesman Mark Aaron said on a conference call with investors and analysts.
Sales at the company’s main New York store fell by about a third as European tourists bought less, Aaron said.
A 10 percent price reduction for engagement rings failed to jumpstart sales, he said. Post news services
