Tiffany's stock tumbles to pace S&P 500 decliners after LVMH comments about Japan, China [MarketWatch]
TIFFANY (TIF)
Last tiffany earnings: 3/20 06:40 am
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Source: MarketWatch
Tiffany's stock tumbles to pace S&P 500 decliners after LVMH comments about Japan, China Shares of Tiffany & Co. TIF, -9.79% tumbled 8.6% in afternoon trade, enough to pace the S&P 500's SPX, -2.86% decliners, in the wake of comments from rival luxury accessories seller LVMH Moet Hennessy Louis Vuitton SE LVMHF, -8.71% MC, -7.14% regarding slowdowns in Japan and China. Mainland China has been Tiffany's biggest market outside of the U.S. over the last 12 months, accounting for about 16% of total revenue, according to data provided by FactSet, while Japan was the second biggest at about 14%. Earlier, LVMH said in a conference call with analysts that it say a significant slowdown in growth with Japanese customers that had previously increased to extraordinary levels, according to a transcript provided by FactSet. For China, the company said it was seeing a little slowdown, to mid-teens percentage growth from high-teens. LVMH shares dropped 8.9%. Tiffany's stock was on track
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