EARNINGS Tiffany cuts profit, sales outlook for the full year Tiffany & Co. cut its outlook for both sales and profit for the year, citing a slowdown in demand for its jewelry not only in the United States but also in other countries.

The U.S. luxury sector, a bright spot in U.S. retailing for the past two years, is struggling to maintain momentum as Europe's sovereign debt crisis sends shockwaves across the Atlantic.