BUSINESS BRIEFING / JEWELRY
From Times Wire Services
Jewelry retailer Tiffany & Co. said its first-quarter profit plunged 62% as sales tumbled, particularly in the U.S., as consumers continued to shy away from luxury purchases.
Still, the earnings matched Wall Street’s expectations, and the company maintained its profit outlook for the full year. Tiffany said it cut spending in the first quarter to offset weak sales by cutting 10% of its staff -- or 900 people -- and lowering marketing spending.
Tiffany has seen sales soften as consumers cut back on big-ticket, discretionary purchases amid the recession. Tiffany said sales of items more than $50,000 were particularly weak, and lower-priced silver and gold jewelry performed better.