What: Shares of luxury jeweler Tiffany & Co. (NYSE:TIF) dropped 16% in January according to S&P Capital IQ data after reporting disappointing holiday results.

So what: Tiffany hasn't given full quarter results yet, but did update investors on how sales went during November and December. And the news wasn't good.

On a constant currency basis sales worldwide were down 3% and comparable store sales dropped 5%. A strong dollar hurt overall resorts even further, resulting in a 6% decline in sales to $961 million. For the full year, earnings are expected to decline about 10%. Management also indicated that there would be layoffs, although it didn't disclose how many cuts there would be. 

Now what: When the economy is booming and the dollar is weak Tiffany can be a huge beneficiary of increased consumer spending. But a slowing economy, particularly in Asia, and a strong dollar has been a double-edged sword against the jeweler in 2015. I don't think those pressures will slow down in 2016 when management expects tepid growth, but for investors looking to buy a stock built for the long-term this dip could be a great entry point.

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