Tiffany sales lose their shine

Concerns about slowing sales momentum took some of the lustre off Tiffany & Co’s stock yesterday amid signs that European and US economic distress are weighing on luxury consumers. The upscale jeweller, a stock market darling for how fast its international business has grown, reported third-quarter earnings that beat analysts' estimates but gave a profit and sales outlook for the holiday-quarter that missed Wall Street expectations. Globally, Tiffany's sales in the third quarter were up 17 per cent, excluding the impact of currency translation.