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Upscale jeweler Tiffany's sales drop 5.6 pct in holiday quarter

A flag for a Tiffany & Co. store hangs along Wall Street in Manhattan.
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A flag for a Tiffany & Co. store hangs along Wall Street in Manhattan.

Tiffany's sales fell 5.6 percent in the holiday quarter as a strong dollar hurt tourist spending at its stores in the United States and ate into revenue from other markets.

Sales at the upscale jeweler's established stores open for at least a year fell 10 percent in the Americas region in the fourth quarter.

Its net income fell to $163.2 million, or $1.28 per share, in the quarter ended Jan. 31 from $196.2 million, or $1.51 per share, a year earlier.

Revenue fell to $1.21 billion from $1.29 billion.