Tiffany’s holiday season comparable sales in Asia-Pacific down 9pc

Upscale jeweler Tiffany & Co reported a sharp decline in holiday season sales and cut jobs as it struggles with weak spending by tourists in its showpiece US stores.

Comparable sales in Asia-Pacific fell 9 percent on a constant currency basis, hurt by weak demand in Hong Kong and Singapore.

The company’s traditional reluctance to offer promotions has been turning away thrifty customers, while a stronger dollar has made purchases more expensive for tourists. Slowing economic growth in China could pose another headache this year for the company, which gets about 24 percent of its sales from the Asia-Pacific region.