Tiffany & Co. (TIF) Holiday Sales Down 21%; Guides Lower

Tiffany & Co. (NYSE: TIF) said worldwide net sales for the November-December 2008 holiday period declined 21% to $687.4 million.

In the Americas, sales of $385.9 million in the holiday period were 30% lower than a year ago. Comparable U.S. store sales decreased 35% with similar declines experienced in the New York flagship store and across the branch stores.

In Asia-Pacific, sales declined 2% to $216.0 million in the holiday period.

In Europe, sales decreased 4% to $79.2 million in the holiday period.

For the full year, the company expects net sales of approximately $2.85 billion and net earnings of $2.25 - $2.30 per diluted share. The Wall Street consensus is $2.94 billion and $2.40.

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