Tiffany posted a decline of 21% decline in holiday sales and again cut its full-year forecast range.

Tiffany and co posted a decline of 21% decline in holiday sales and again cut its full-year forecast range. Looks like the economic crisis is really hitting hard on the big boys.

On the 14th of Jan 2009, Tiffany and co stocks fell about 7% at the open but went back back, closing at $21.95 and cutting losses to 5 cents for the day. Investors are reacting very strongly to this news.

Tiffany is now forecasting full-year earnings of $2.25 to $2.30 a share, excluding charges, and sales of about $2.85 billion

Jewelry retailers are among the most vulnerable when consumers cut back on discretionary spending.

For Tiffany, the fallout of Wall Street job cuts and the expected dwindling bonuses for those still employed have been sapping a traditionally reliable source of sales, analysts have said.


Sources taken from market-watch:
http://www.marketwatch.com/tools/quotes/news.asp?symb=tif