By and  on November 29, 2011

Michael Kowalski, chairman and chief executive officer of Tiffany & Co., sparked a mini luxe sell-off Tuesday when he voiced concerns about weakness in Europe and on the East Coast in the U.S., driving the jeweler’s stock down 8.7 percent.

Kowalski admitted to “recent sales weakness in Europe and in the eastern part of the U.S.” The comment sent the company’s stock spiraling down to $67.22, even as third-quarter profits jumped 62.8 percent and handily beat Wall Street estimates.

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