Tiffany & Co, which is being bought by Louis Vuitton owner LVMH, missed market expectations for quarterly profit and sales, hit by lower spending by foreign tourists in the United States and Hong Kong
Slowing growth in China, mainly due to its prolonged trade war with the United States and a stronger dollar, has also impacted sales for Tiffany, which relies on tourists from the world’s second largest economy.
The company said lower spending by foreign tourists in Hong Kong, where sales plunged 49%, offset increased demand by locals.
France Dernières Nouvelles, France Actualités
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