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Tiffany Records Biggest Sales Drop Since the Financial Crisis

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A strong dollar is partially to blame.

Tiffany & Co. reported its worst sales decline since the financial crisis, as same-store sales fell 10 percent in the first quarter, Reuters reports. The article identifies a strong dollar as the culprit, noting that it “discouraged tourists from buying its high-end jewelry and eroded revenue from markets outside the United States.”

Speaking with the news outlet, research firm Conlumino CEO Neil Saunders said, “Decline in customer share is evident among most shopper segments, including more affluent households. It is especially pronounced among affluent younger shoppers where the brand is seen as representing ‘old world luxury’.”

Read more at Reuters

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