March 22, 2019 / 10:53 AM / 4 months ago

Tiffany holiday-quarter sales drop 1 percent

March 22 (Reuters) - Tiffany & Co reported a 1 percent drop in quarterly sales on Friday, two months after the luxury retailer signaled soft demand in the holiday season because of weak spending by Chinese tourists and slowing sales in Europe and at home.

Tiffany’s net sales fell to $1.32 billion, while analysts on average were expecting sales of $1.33 billion, according to IBES data from Refinitiv.

The company’s net earnings rose to $204.5 million, or $1.67 per share, in the fourth quarter ended Jan. 31, from $61.9 million, or 50 cents per share, a year earlier, when the company had higher provisions for income taxes.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur

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