Donald Trump's election to the presidency weighed on holiday sales at Tiffany's flagship store on Fifth Avenue next to Trump Tower in New York, the jeweller said Tuesday.
Tiffany said it suffered a 14 percent drop in Fifth Avenue sales in November and December due in part to "post-election traffic disruptions." Trump has spent much of the post-election period at Trump Tower near Central Park. The venue is also a target of organised protests against the controversial real estate magnet who takes office Friday.
US sales were $483 million, four percent below last year, according to Tiffany.
World-wide sales were $966 million, a bit above the $961 million in the year-ago period.
Tiffany compensated for weak US sales with strong gains in Asia. Tiffany's Japan division had a 16 percent increase in sales at $143 million.
"These overall holiday period sales results were somewhat lower than we had anticipated, but we continue to benefit from a favourable gross margin and prudent expense management," said Tiffany chief executive Frederic Cumenal. Shares of Tiffany fell 4.2 percent to $78.49 in pre-market trade.
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