Shares of Tiffany & Co. (TIF) tumbled in Friday’s trading session following its disappointing same-store sales figures in its latest quarter, making it TheStreet’s Move of the Day. The high-end jeweler reported a drop of 4% in comp sales compared to a year ago, worse than the slight rise in same store sales analysts were expecting. Tiffany cited the stronger dollar, as well as soft demand in Japan. The high-end jeweler also issued a weak fiscal 2016 earnings outlook. It now expects earnings to show ‘minimal growth’ compared to a year ago. TheStreet’s Jim Cramer says, many retailers are benefiting from the declining oil prices except, Tiffany. He added that Tiffany’s flagship store in New York is also being hurt by the strong dollar, making it a good long term story. TheStreet’s Kurumi Fukushima reports in New York.
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