Tiffany’s sales miss estimates; shares slump

Tiffany

& Co reported lower-than-expected quarterly sales and a surprise drop in comparable sales due to lower spending by tourists and domestic customers in the Americas, its largest market. The company’s shares fell 5.6 per cent to $87.95 (Dh322.77) before the bell yesterday. Tiffany, whose one-of-a-kind pieces are a regular feature on Hollywood red carpets, has been struggling to attract young shoppers, particularly in the Americas, as consumers shift to cheaper, chic brands such as Pandora and Alex and Ani. (Reuters)