Bleak-fest at Tiffany's

bad day for

Shares in luxury jeweller Tiffany fell the most in more than three years after a sluggish Christmas season spurred the chain to lower its expectations for the year ahead.

Sales in November and December declined 1pc to $1.02bn worldwide, the New York-based company said.

Currency fluctuations and a continued slump in Japan took a toll on the results, along with a surprise slowdown in the US.

"Clearly, sales for the holiday period were disappointing," chief executive Michael Kowalski said.