Tiffany's holiday sales edged down 1 percent and the jewelry retailer cut its full-year profit outlook, hurt by a stronger U.S. dollar and some weakness in the Americas and Japan.
Company shares slid more than 11 percent in morning trading on Monday.
Chairman and CEO Michael Kowalski said that sales in the Americas fell slightly during November and December, while sales in Japan remained soft. Sales in the Asia-Pacific region and in Europe climbed.
David Schick of Stifel Nicolaus said in a client note that the strong U.S. dollar likely hurt U.S. sales to foreign tourists.
Worldwide sales for the two months that ended Dec. 31 totaled $1.02 billion. Stripping out the impact of foreign currency exchange translation, worldwide sales rose 3 percent.