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Tiffany Shares Tumble After Jeweler Cuts Annual Forecast

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Tiffany & Co. shares fell the most in more than 10 years after a sluggish holiday season spurred the luxury jewelry chain to cut its annual forecast.

Sales in November and December declined 1 percent to $1.02 billion worldwide, the New York-based company said today in a statement. Currency fluctuations and a continued slump in Japan took a toll on the results, along with a surprise slowdown in its home market.