Tiffany & Co., a bellwether of luxury spending, says its sales aren’t rising as fast as last year in the U.S. or abroad, and the gift and jewelry chain cut its forecasts for sales and profit for the year.
Tiffany delivered its lower outlook on Thursday as it reported first-quarter profit essentially the same as a year ago and below what analysts were expecting.
The news from Signet Jewelers Ltd., which targets a more moderate-income market, was similar. Signet reported lower sales than Wall Street expected, and it forecast slower growth. Late last year, Tiffany and some other luxury players saw wealthy shoppers pull back amid stock market volatility.
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