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Tiffany on Friday reported a 1 percent drop in sales during the holiday quarter, citing “external challenges and uncertainties.”
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The luxury jewelry retailer said net sales fell to $1.321 billion, while analysts had been expecting sales of $1.332 billion, according to a Refinitiv survey.
Tiffany reported net earnings for the quarter ended January 31 of $204.5 million, or $1.67 a share, compared with $61.9 million, or 50 cents per share, a year ago. That was slightly ahead of analysts’ expectations for earnings per share of $1.60.
Tiffany shares weren’t moving in premarket trading following the release. The stock has rallied more than 24 percent so far this year.
This is a developing story. Please check back for updates.