Tiffany, the number one jeweller in the US, released the fourth quarter of 2014 and the whole year.

In the first quarter of 2015, quarterly sales fell for the first time in five years under the influence of the continued strength of the US dollar, the report said.

2014 Global

4 billion 250 million US dollars, up 5% over the same period.

According to the constant exchange rate, global year-on-year sales increased by 7% over the same period last year, representing an increase of 4% over the same period last year.

Global sales fell 1% to $1 billion 290 million in the fourth quarter, down from $1 billion 310 million expected by analysts surveyed by Thomson Reuters.

According to the constant exchange rate, global sales increased 3% in the quarter compared with the same store sales in 2013.

The net profit of 2014 was $484 million.

Among them, the fourth quarter net profit of $196 million, in line with analysts' average expectations.

The annual revenue from tourism consumption in the United States is about 200 billion dollars, and more than half of Tiffany's sales revenue comes from outside the United States, and overseas tourists occupy 1/4 of US sales.

At Tiffany flagship store in Fifth Avenue, New York, 40% of its sales come from tourist consumption.

However, from November 2014 to January 2015, the exchange rate of the US dollar against most mainstream foreign currencies increased by about 9%.

Data released by the government's Tourism Industry Office show that during this period, tourists consumed about 34 billion 550 million dollars, down 1.5% from the same period last year.

As the US dollar continues to strengthen, the current economic environment is depressed.

Sales in other markets other than the US will decline.

In addition, the decrease in tourist volume will also result in the loss of sales in the us from tourism.

Tiffany therefore lowers future profit expectations.

Due to the strong US dollar, Tiffany expects sales in the first quarter of 2015 to decline by 10%, and sales decline in the second quarter will slow down, but sales in the third quarter and fourth quarter will be warmer.

Since Tiffany announced that it expected to lower its profit margin, as of last Friday (March 20th), Tiffany shares fell 3.5% to $83.38.