Tiffany Cuts Staff on Soft Holiday Sales

Tiffany & Co. said Tuesday that sales during the holiday period softened, prompting the luxury jeweler to reduce staff and cut its outlook for the year. The New York company said "challenging and uncertain global economic conditions" have resulted in restrained consumer spending, and a stronger U.S. dollar continues to dent foreign tourist spending. For the crucial holiday shopping season, Tiffany reported a 3 percent currency-adjusted drop in worldwide sales and a 5 percent decline in sales at stores open at least a year.