Tiffany & Co. cut its full-year profit outlook after reporting flat global holiday sales Monday, but that's not a sign that there are cracks in high-end retail, Oppenheimer and Co. analyst Brian Nagel told CNBC.
"This is more of a Tiffany issue," he said in an interview with "Squawk on the Street."
"Holiday sales weakness is not necessarily new to Tiffany. … I think this was once again reflective of, I don't want to say executional missteps, but kind of Tiffany's challenges through the holiday selling season."
The luxury goods retailer said Monday that its holiday sales in the Americas fell one percent.
Tiffany now expects full-year earnings in a range of $4.15 to $4.20 per share. Its prior guidance was for $4.20 to $4.30 per share.
Analysts surveyed by FactSet had been projecting earnings of $4.31 per share.