January 14, 2009 at 16:45 PM EST
Two Ways To Play: Diamonds No One's Best Friend
Shares of Tiffany (TIF) were in focus today. According to Bloomberg the world’s number two luxury-jeweler retailer said holiday sales plunged 21% as wealthy consumers cut their spending amid the global recession. Revenue during the holiday months (November and December) dropped to $687.4 million from $867.3 million the year before while same store sales plunge 35%. Company spokesperson Mark Aaron also revealed that sales at its main New York store dropped by a third as European customers also cut back in spending. Aaron added that the holiday season “was the most challenging in the 21 years since Tiffany became ...
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