Weakest sales reported at U.S. stores
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Tiffany & Co. (New York) announced its first-quarter profit plunged 62 percent as consumers continue to cut back on discretionary spending, particularly for luxury goods items.
The jewelry retailer’s sales dropped 22 percent to $523.1 million from $668.1 million a year ago. Sales in the Americas declined 31 percent and U.S. same-store sales decreased 34 percent. Overseas, Asia-Pacific fared better with sales declining 9 percent and European sales dropping 8 percent.
The company operates 209 stores and boutiques.
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