Summary Box: Tiffany holiday sales mixed

AP News
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Posted: Jan 10, 2012 11:57 AM
Summary Box: Tiffany holiday sales mixed

THE NEWS: Jewelry retailer Tiffany & Co. said Tuesday that its sales growth weakened in the U.S. as shoppers pulled back on buying pricey baubles during the key holiday season. It lowered its yearly guidance on the results.

THE CONTEXT: Overall sales rose 7 percent to $952 million in November and December. But U.S. growth was slower, with a key revenue figure up just 2 percent. The results raised concerns that luxury spending might be slowing and Tiffany shares fell in heavy trading.

WHAT'S NEXT: Tiffany will report full results for the fourth-quarter and year ending Jan. 31 on March 20.