American Tiffany, a leading manufacturer of jewelry and luxury accessories, has published its quarterly reports. It said it ended the fourth quarter with decline.
The situation could be worse if there wouldn't be a rise in sales in Japan and China. Meanwhile, in the US sales fell 3% to $587mn due to the fact that Americans increasingly prefer inexpensive jewelry. There was a great demand for products with a price below $500. Net sales for the quarter rose 1.3% to $1.23bn, versus $1.21 bn in the same period last year. Net profit fell 3.3% to $157.8mn, or $1.26 per share.
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