Tiffany & Co. Sales Fall

In a surprising development to many, Tiffany & Co’s quarterly sales fell for the first time in five years. Their sales are expected to decline even more as the strong dollar keeps tourists away from the NY store and also reduces their sales overseas.

The Fifth Avenue store counts on tourists to make up approximately 40% of their sales. Sales outside of the US account for about 50% of their total revenue.

As CFO Ralph Nicoletti said, “Tourist purchases are expected to continue to be pressured in the Americas.” The company actually expects a 30% drop in sales this quarter.

Read more about Tiffany’s situation.