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Tiffany Predicts Profit Plunge as Strong Dollar Crimps Sales

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Tiffany Warns Profit, Sales Drop on Strong Dollar

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Tiffany & Co., the world’s second-largest luxury jewelry chain, predicted a 30 percent decline in net income this quarter as currency headwinds and sluggish sales hamper results.

The drop in the first quarter will be followed by a more “modest” decrease in the following period, the New York-based company said in a statement on Friday. Worldwide sales will decline about 10 percent in the first quarter, partly because of a slowdown in the Americas region, Tiffany said.