Tiffany & Co. Reports Grim 2008 Numbers
The internet and catalog sales categories also took a hit, falling 10 percent for the total year and 20 percent in the last quarter alone. Around 600 Tiffany employees have taken an early retirement offer and together with other staff reductions and the upcoming closing of Tiffany's Iridesse pearl stores, the company will be losing around 10 percent of its staff worldwide.
Tiffany isn't predicting blue skies anytime soon. Tiffany Chairman and Chief Executive Officer Michael J. Kowalski says the company expects to experience "challenging economic conditions throughout the year," with a total sales decline of 11 percent.
Shares of Tiffany were up after the announcement because the company is seen to have done a good job at curtailing costs and because its lower quarterly profit beat Wall Street expectations. The company has also said it will not cut prices and will focus on marketing and on new products.