Tiffany suffers quake effects

Tiffany has lowered its first-quarter earnings guidance, citing store closures in Japan after the earthquake.

But the New York-based jeweller, known for its turquoise boxes, said strong Christmas demand and new products helped its fourth-quarter net income rise 29 per cent.

Almost a quarter of Tiffany's shops are in Japan and the country accounts for 18 per cent of its sales. Growth markets such as China are set to aid sales this year.