UPDATE 2-Tiffany sales miss as Chinese tourists spend less than anticipated [Reuters]
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Source: Reuters
Tiffany sales miss as Chinese tourists spend less than anticipated | Reuters 2 Min Read (Reuters) - Tiffany & Co’s ( TIF.N ) sales in the United States and Hong Kong took a hit in the latest quarter as Chinese tourists spent less than expected, sending the jewelry maker’s shares down nearly 8 percent on Wednesday. Investors were also disappointed by the company’s failure to raise its full-year profit outlook ahead of the holiday season. Weakening economic growth in China, against the backdrop of an ongoing trade spat between Beijing and Washington, has been a worry for luxury goods companies that rely on the country to boost sales. Louis Vuitton owner LVMH ( LVMH.PA ) said in October it had experienced a slight slowdown in demand among its Chinese clientele, sparking a selloff in shares of luxury accessories retailers on both sides of the Atlantic. Tiffany Chief Executive Officer Alessandro Bogliolo, however, said sales growth in mainland China remained strong. The company’s compa
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