The famous jewellery retailer is suffering due to Trump's election...
Luxury jewellery retailer Tiffany & Co has in part blamed its poor US performance in the closing months of 2016, in part, on Donald Trump's victory in the country's presidential election.
Sales at the company's US stores fell 4% during November and December compared with the same period in 2015, and Tiffany has said this was "exacerbated" by a 14% decline at its flagship store in New York.
Located on Fifth Avenue, in close proximity to Trump Tower, the store saw much-decreased footfall due to "post-election traffic disruptions".
Extra barricades and checkpoints between East 55th and 57th streets have been needed as Trump's home attracts tourists, journalists and protesters. Despite the influx of people, the number of those looking to part with tens of thousands of dollars for an engagement ring was decidedly down as security was ramped up security around the US President-elect.
Trump Tower security has also hurt New York City's pocket as a whole. Business Insider reports that Mayor Bill de Blasio requested $35m in funds to cover the cost leading up to the inauguration, a daily expense of $500,000.
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Overall, Tiffany's worldwide net sales of $966 million over the holiday period were slightly above the $961m take in 2016. This was due to sales growth in Asia-Pacific and Japan largely offset by lower sales in the Americas and Europe; worldwide comparable store sales declined 2%.
Tiffany's chief executive Frederic Cumenal said:
"These overall holiday period sales results were somewhat lower than we had anticipated, but we continue to benefit from a favourable gross margin and prudent expense management. Although we do not anticipate any significant improvement in 2017 to the macroeconomic challenges that we faced this year, we continue to focus on our initiatives to enhance our stores and our customers' experience, and to add newness to our product assortment, while maintaining effective marketing communications and a well-developed supply chain.
"We believe executing on these initiatives, which are within our control, will contribute over the long-term to strengthening Tiffany's competitive position among global luxury brands."