NEW YORK - Tiffany (TIF) reported a worldwide decline in jewelry sales during the holiday period as consumer spending remained tepid in an uncertain global economy.
The company reported a 9 percent drop in global same-store sales, or sales at stores open at least a year. Every region experienced a decline, except for Japan.
Looking ahead, Tiffany expects full-year profit for 2015 to decline by 10 percent, closer to its worst-case outlook for the year. It expects minimal growth in 2016.
Shares of Tiffany dropped 2.5 percent in premarket trading.