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Tiffany’s stock tumbles as Chinese tourists spend less, Japan slows down

Tiffany & Co. investors were suffering their worst day in nearly four years on Wednesday, after the luxury jewelry retailer blamed reduced spending by Chinese tourists and weaker Japanese demand for disappointing sales results and a lowered outlook.

The company also “modified” its outlook for free cash flow lower as a result of changes in tax payments.

The stock TIF, -10.61% tumbled 11.2% in midday trade toward a one-year low, enough to make it the S&P 500 index’s SPX, +1.94% worst performer. It was also headed for the biggest one-day percentage decline since Jan. 12, 2015, when it plunged 14% after a disappointing holiday sales update.

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