Tiffany Reports 5% Drop In Holiday Comps

As US stocks look to make a strong start to the beginning of the week, luxury retailer Tiffany & Co.

fell by 5 percent in holiday comps. Tiffany & Co. is currently off 11 percent of its value so far in 2016. Shares in TIF are down 15 percent over the past three months, and fell -5% in Tuesday's pre-market trading. On Tuesday morning, Tiffany & Co. announced that it is cutting its staff, and also its retail outlook for the year, due to the drop in its holiday sales. "Challenging and uncertain global economic conditions have resulted in restrained consumer spending, and a stronger U.S. dollar continues to dent foreign tourist spending," the New York company stated. Tiffany has reported a 3 percent currency-adjusted drop in global sales and a 5 percent decline in sales at stores which were open at least a year. The company has been among the many other retailers that were warned earlier in November that its holiday sales would be a disappointment. Tiffany continues to be challenged with adverse ongoing currency rates. To date, nearly a quarter of Tiffany's American sales and an estimated 40 percent of sales at its flagship Fifth Avenue store in Manhattan are derived from foreign tourists. For FY 2015, Tiffany is forecasting earnings per share (EPS) to be at the luxury retailer's lowest figure ever, of previously guided $3.78-3.99, which is the company's says is $3.78.