Tiffany & Co is sliding as its CEO resigns

Tiffany & Co is down 2.46% at $78.49 after Frederic Cumenal stepped down as chief executive officer on Sunday, Reuters reports.

The high end jewellery retailer said its chairman and previous chief executive, Michael Kowalski, would serve as interim CEO while the board of directors seeks a new CEO.

Tiffany & Co has been struggling as sales at US stores open for at least one year fell 4% compared to a year ago during November and December.

“Management attributed the lower sales to local customer spending, with a decline in US sales exacerbated by a 14% decline at the company’s flagship store on Fifth Avenue in New York, which we attribute at least partly to post-election traffic disruptions,” a statement said.

Tiffany & Co. is estimated to report fourth quarter earnings and full 2016 fiscal year results as well expectations for the 2017 fiscal year on March 17 2017.

Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!

NOW WATCH: Here’s how to use one of the many apps to buy and trade bitcoin

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.