Tiffany & Co. (New York) is reducing staff as well as its financial outlook for the year, due to weak sales during the 2015 holiday shopping season. During this period, worldwide sales dropped 3 percent and sales at stores open more than a year dropped 5 percent.
According to Women’s Wear Daily, Frederic Cumenal, the company’s ceo, said, “We believe overall sales results were negatively affected by restrained consumer spending tied to challenging and uncertain global economic conditions and we expect 2015 earnings to come in at the low end of our previously set range of expectations.”
The company expects adjusted earnings to decrease by about 10 percent. It has not announced the total number of employees who will be cut.