US jewelry retailer Tiffany & Co. reported on the results for the 4th quarter of last year. Thus, income fell to 163.2 million dollars against 196.2 million in the same period of 2014. Sales fell to 1.21 billion dollars against 1.29 billion dollars a year earlier. Sales in the world fell by 9.0% against the expected decline of 4.4%. The reason for the weak results in Europe was the strengthening of the US dollar against the euro. We expect the resumption of price growth in the medium term, but in the near future is likely to continue falling.