Tiffany’s worldwide sales drop by 21%

Tiffany & Co’s. worldwide sales in November and December 2008 amounted to $687.4 million, decreasing by 21 percent, largely impacted by the slow US markets. Sale dropped in the US by 30 percent to $385.9 million, in Asia-Pacific region by 2 percent to $216 million, in Europe by 4 percent to $79.2 million and in other regions by 53 percent to $6.3 million. The reduction in the wholesale sales of diamonds also impacted the company’s sales.

Tiffany’s sales slipped by 20 percent on a constant-exchange-rate basis, and same-store sales dropped by 24 percent in the said period. In the US, the comparable store sales slipped by 35 percent, in the Asia-Pacific sales on a constant-exchange-rate basis dropped by 8 percent. In Europe, sales rose by 19 percent on a constant-exchange-rate basis, but comparable store sales slipped by 3 percent.

The company is estimating its net earnings for the fourth quarter ending January 31, 2009 to drop. Also, its net sales for the entire year is expected to be $2.85 billion.