Tiffany Holiday Season Sales Down 21%

The famous light blue box is another victim to the current economic weakness

Tiffany & Co. global November-December sales declined to $687.4 million, down 21 percent compared to the 2007 holiday season, the company reported on Wednesday.

The 2008 holiday sales declined “most significantly” in Tiffany's U.S. stores and to a lesser degree in Asia-Pacific and Europe.

On a constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, net sales and comparable store sales declined 20 percent and 24 percent, respectively.

According to Michael J. Kowalski, chairman and chief executive officer, “Deteriorating global economic conditions were clearly reflected in cautious spending by Tiffany customers across the entire range of jewelry categories and price points.”

In his outlook, Kowalski said he believe these conditions will continue “well into 2009.”