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China still fuelling luxury retailers

China still fuelling luxury retailers

Amid the deluge of retail updates this month, shares in luxury retailers are holding up. Over the two months ended 31 December 2018, net sales at US jeweller Tiffany & Co (US:TIF) fell by 1 per cent to $1.04bn (£803m), with comparable sales down 2 per cent. Adjusting for exchange rates, revenues were flat year on year, reflecting lower sales to Chinese tourists and softening demand across the Americas and Europe, which chief executive Alessandro Bogliolo said “may have been influenced by external events, uncertainties and market volatilities”. This prompted a warning that full-year earnings will be towards the lower end of the guided $4.65-$4.80-a-share range.

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