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Holiday sales dull some of Tiffany’s shine

(Spencer Platt/Getty Images)

Tiffany & Co. shares were pummeled last week after a sluggish holiday season spurred the luxury jewelry chain to cut its annual forecast. Sales in November and December fell 1 percent to $1.02 billion worldwide, the New York company said. Currency fluctuations and a continued slump in Japan took a toll on the results, along with a surprise slowdown in its home market, where sales fell 1 percent to $544 million, compared with an increase of 6 percent a year earlier. Holiday sales fell compared to a 4 percent rise a year earlier.